Reliance may buy Future Retail
Indian conglomerate Future Group is holding discussions with Reliance Industries to sell off its retail and supply-chain operations.
The firm is said to be seeking a valuation of US$1.3 billion for the business segment, which is expected to boost Reliance’s already-strong foothold in Indian retail.
While neither side has made official media statements about the prospective deal, a spokesperson from Reliance did state that: “We have made and will continue to make necessary disclosures in compliance with our obligations under the Securities Exchange Board of India … and our agreements with the stock exchanges.”
Future reported a net profit of $96.3 million last year on sales of $2.65 billion. The company’s retail network comprises 1388 outlets ranging from hypermarkets including hypermarkets, discount department stores and supermarkets.
Reliance has nearly 4000 stores spanning grocery retailing, fashion, technology, jewellery and apparel.