MUMBAI -- Reliance Retail Ventures, an arm of billionaire Mukesh Ambani-run Reliance Industries, announced on Saturday that it plans to buy Indian retail pioneer Future Group's units for 247.13 billion rupees ($3.37 billion).
Reliance Retail Ventures will acquire the retail and wholesale business as well as logistics and warehousing operations of Future Group. Following the acquisition, the retail and wholesale businesses will be merged with Reliance Retail and Fashion Lifestyle, a wholly owned subsidiary of Reliance Retail Ventures, while logistics and warehousing will merge with the buyer.
