Reliance Industries (RIL) has moved close to clinching a deal to buy the retail businesses of Kishore Biyani’s Future Group.
The move will further cement RIL’s position as the top brick-and-mortar player across categories like groceries, fashion and general merchandise.The deal will involve at least three companies promoted by Biyani—Future Retail, Future Lifestyle Fashions and Future Supply Chain Solutions going for a merger. The combined business will then be acquired by the Mukesh Ambani-controlled petrochemicals-to-telecom conglomerate. Discussions for the deal started earlier this year as one of Biyani’s holding units defaulted on a loan repayment.
Known as the retail king, Biyani has since then been looking at options, including stake sales in retail units and also putting up for sale the insurance joint venture Future Generali.