Reliance Industries gained 3.36% to Rs 1,962.95 after the Competition Commission of India (CCI) on Friday approved the acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures.
Reliance Industries (RIL) on 29 August 2020 announced the acquisition of retail & wholesale business and logistics & warehousing business from the Future Group as going concerns on a slump sale basis for Rs 24,713 crore through its subsidiary Reliance Retail Ventures (RRVL). RIL said the acquisition complements and makes a strong strategic fit into Reliance's retail business.
US retail giant Amazon had last month won an injunction against the deal from an arbitrator in Singapore. The Singapore International Arbitration Centre (SIAC) passed an interim order asking Future Group to hold its sell-out plans to Reliance Group and wait for the final judgment on the plea filed by Amazon. The US-based retail giant had filed an arbitration petition with SIAC claiming that Future Group breached the contract under which the US online giant took an indirect stake in their retail business in 2019.
RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
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