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Reliance after acquire to stake of Future Retail,become’s India #1 Retail Company.

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Mukesh Ambani’s Reliance Industries Ltd (RIL) is in talks of attaining Kishore Biyani’s Future Group.

This would help the former expand its reach in the retail space across categories like fashion, general merchandise and groceries.The deal between RIL and Future Group are reportedly at its final stage.As per the deal, Mukesh Ambani’s RIL will have a controlling stake in the retail businesses of Kishore Biyani’s Future Group.

All the control from Future retail basket, including FBB, Big Bazaar, Food Hall and Central, along with Future Lifestyle Ltd, and Future Supply Chain Solutions will be handed over to Reliance.These three entities will be merged into one.Speaking of Biyani, he will be left over with control of Future Group’s FMCG business and some other smaller group companies.

This deal and acquisition will prove to be a big deal for Reliance Industries.As mentioned, the deal between the two companies is in its advanced stage and RIL wants to sign the final deal before the upcoming Annual General Meeting, to be scheduled on July 15.

Despite the deal almost coming to a close, both the companies are still deliberating on the finer points of the deal.Negotiations between Future Group and RIL began earlier this year, as one of Biyani’s holding entities defaulted on the loan payment.In order to help its loan repayment, once the poster boy of India’s retail sector Biyani, went up and held several discussions with many other potential investors, before finalizing the deal with RIL.

In fact, various big players like US-based retail giant Amazon did show interest in Future Group. However, Biyani resolved that RIL offered a thorough solution to their debt issue.“It is likely to be a complex transaction as, first, Future Group will announce a scheme of arrangement to merge into one company. RIL is most likely to completely buy out this combined entity in exchange for it’s shares”, mentioned a source.

Future Retail holds over 1,500 retail stores across several sectors. It also holds brands like:

  • Big Bazaar,
  • Ezone,
  • Foodhall,
  • Fashion at Big Bazaar (FBB),
  • Nilgiris,
  • Easyday, and
  • 300 stores under brands like Central and Brand Factory.

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BUSINESS! Diesel prices fall again on easing global crude prices

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Diesel prices continued to decline for the fourth consecutive day on Sunday on the back of falling global crude prices.

In the national capital, diesel was priced at Rs 71.58 per litre, down from Rs 71.82 on Saturday.

Similarly in the other metros of Mumbai, Chennai and Kolkata, the fuel was sold for Rs 78.02, Rs 76.99 and Rs 75.09 on Sunday, respectively, against the previous levels of Rs 78.27, Rs 77.21 and Rs 75.32 per litre.

The recent fall in transport fuel prices comes in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.

Prices of petrol, however, remained unchanged for the second straight day at Rs 81.14, Rs 87.82, Rs 84.21 and Rs 82.67 per litre across Delhi, Mumbai, Chennai and Kolkata, respectively.

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