Big Breaking: Reliance Cancels Deal With Future Group

Reliance Industries on Saturday said its Rs 24,713 crore deal with Future Group cannot go ahead as secured creditors of Future Group have voted against the deal. The deal has now collapsed due to non-receipt of lenders’ approval. In this regard, this information has been shared by Reliance in a regulatory filing.

Not Agreeing to Reliance’s Plan:

On Friday, the secured creditors of Future Retail Limited voted against the deal, after which Reliance on Saturday backed out of the deal. Creditors, which had given loans to Future Group, rejected the Rs 24,730 crore deal between Reliance Industries and Future. In this meeting, a public sector bank official had said that all the creditors had voted against the arrangement scheme put up by Reliance.

Amazon is Fighting a Legal Battle

Earlier in 2019, Amazon had bought 49 per cent stake in Future Coupons (the holding company of Future Group) for Rs 1,500 crore. Under this deal, Amazon also got the right to buy a stake in Future Retail within 3 to 10 years, but after the Future Group deal with Reliance Retail, the deal was objected to by Amazon, since then long the legal battle continues.

1 thought on “Big Breaking: Reliance Cancels Deal With Future Group”

  1. Very well set football game of Future Retail. Now there is no option but to close the future of future. RIL will only benefit with this as they can put up stores in same market places of Future and kill that competitor.
    Monday reliance shares will shed some tears and comeback roaring on Tuesday itself.

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