InvestorQ : Is it true that Reliance has already commenced the takeover of Future group?
Dawn Cherian made post

Is it true that Reliance has already commenced the takeover of Future group?

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Mitali Bhutta answered.
3 months ago
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Future Retail has suspended most of its online and offline operations after Reliance made a bid to take over many of the flagship stores as compensation for missed lease payments. Out of the total of 1,700 retail outlets of the Future group, nearly 200 stores have now been taken over and will be rebranded as Reliance Retail stores. Most of the landlords of the various retail outlets already had back-to-back arrangements with RIL for these stores.

The move assumes significance in the light of the legal troubles for the original bid by Reliance for Future group worth $3.4 billion, made in August 2020. However, this bid was stymied by Amazon on technical grounds as they were not given right of first refusal. Amazon may not have much choice now. With the respective landlords willing to give up their properties to the Reliance group, the deal may finally happen, albeit differently.

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