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Business deals

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

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).

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