Future Group, RIL ignore SIAC award

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Future Group, RIL ignore SIAC award

The Future Group, led by Indian businessman Kishore Biyani, which was facing pressure from its lenders, entered into an agreement with Reliance Retail Ventures, a subsidiary of Reliance Industries Limited (RIL) to sell its retail, logistics, warehousing and wholesale businesses to RIL on 29 August 2020.

Premium chains of Future Group were a part of this deal, including Big Bazaar, Brand Factory and Foodhall. The global e-commerce giant, Amazon, objected to the sale, stating it had entered into a deal with Future Group when its value was ₹20 billion (US$271 million) in 2019, consequent to which Amazon had acquired a 49% stake in the company.

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