Ambani's Reliance buys India's Future Group businesses for $3.4bn

Acquisition sets up showdown with Amazon over country's 1.3bn consumers

Future Group has long been a leader in India's modern retail industry. In recent years, the group has been battling competition from up-and-coming players including e-commerce companies. © Reuters

ROSEMARY MARANDI, Contributing writer

August 30, 2020 03:23 JST

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.