Reliance Retail Ventures Limited (RRVL) owner Mukesh Ambani buys Kishore Biyani’s Future Group’s retail business including Big Bazaar for Rs 24,713 crore. “Reliance Retail Ventures Ltd, a subsidiary of the Reliance Industries Ltd will now acquire the retail and wholesale business from the Future Group for INR 24,713 crore,” the company said in a statement.
This will help Reliance retail in providing more support to millions of small merchants in enhancing their income during this tough time. With its latest acquisition, Reliance Retail will now have access to about 1,800 stores across Future Group’s Big Bazaar, FBB, Easyday, which are spread in over 420 cities in India.
Expressing her views on this huge development, Isha Ambani, Director, RRVL, said that, “With this transaction, we are happy to provide a home to the Future Group as well as preserve its business ecosystem, which has played a major role in the evolution of the modern retail in India.”