Future Group, RIL ignore SIAC award

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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