Reliance Future-proofs retail arm as it seeks to woo potential investors

Reliance Industries' $3.38 billion deal to acquire Future Group's retail business pitches the conglomerate as an even more formidable force in India, making its retail arm more attractive to the potential investors it seeks to woo.

The oil-to-telecoms group controlled by India's richest man, Mukesh Ambani, announced late on Saturday that it will acquire Future Group's retail and wholesale business as well as its logistics and warehousing operations.

The acquisition of Future Group's 2,000 retail stores and Big Bazaar grocery chain will help Reliance, which sells everything from groceries to electronics through 11,000-plus stores, to broaden its extensive reach across