M&A

M&A

Reliance calls off Rs.24,731-Cr deal with Future Retail

The Hindu  

Reliance Industries (RIL) has called off its deal to acquire the business of Future Retail, following the rejection of the deal by the secured creditors of the seller. On August 29, 2020, Reliance had proposed a scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiaries for INR 24,731 crore. Amazon Inc., which had earlier invested in Future Coupons, had fiercely contested this deal and challenged it in the Supreme Court of India. It had also secured an injunction from Singapore Arbitration Tribunal.