: Reliance cancels its Rs 24,713-crore deal with Future Group #IndiaNEWS Reliance Industries on Saturday said that its Rs 24,713-crore deal with the Future Group has been called off, PTI reported. It

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Reliance cancels its Rs 24,713-crore deal with Future Group #IndiaNEWS
Reliance Industries on Saturday said that its Rs 24,713-crore deal with the Future Group has been called off, PTI reported. It cited objections from Future Group’s secured creditors as the reason behind its decision. Shareholders and creditors of the Future Group companies had voted on the scheme of arrangement with Reliance.“As per these results, the shareholders and unsecured creditors of FRL [Future Retail Group] have voted in favour of the scheme,� Reliance Industries said in a filing with the stock exchanges, according to PTI. “But the secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented.�In August 2020, the Future Group, led by Kishore Biyani, had agreed to enter into a Rs 24,713-crore deal with Mukesh Ambani’s Reliance Retail. Under the agreement, the Future Group was to sell its wholesale, logistics, retail, and warehouse businesses to Reliance.The deal was, however, challenged by e-commerce giant Amazon, which in 2019 had agreed to purchase 49% of one of Future’s unlisted firms with the right to buy into flagship Future Retail Limited after a period of three years to 10 years. Amazon had said that the Future Group had violated the contract by entering into the deal with its rival...Read more

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