New Delhi: Mukesh Ambani’s company Reliance Industries may buy stake in some units of Future Group. The agreement between the two is in the final stages and the deal is expected to be announced next month. This information is given in the Bloomberg report.
According to sources involved in the matter, Amazon also wants to buy a stake in Future Retail Ltd, but after Reliance’s offer to buy a stake in the holding company of the group, the result could be in favor of Mukesh Ambani. The deal, however, has not yet come to any conclusion. The Futcher Group has five listed companies. Which sells food, household and personal care products. Also Future Lifestyle Fashion Limited, which operates the Fashion Discount Series brand factory.
Sources associated with the case said that no final decision has been taken on the agreement and negotiations may be delayed or the transaction may fail.
A representative of Reliance Industries said that the company ‘evaluates various opportunities on an ongoing basis’, further refusing to say anything. While a spokesperson for the Future Group declined to comment on the matter. Today, Future Retail rose 5 per cent to Rs 106.40 on the Bombay Stock Exchange.
If the Reliance deal with Futures becomes successful, then the competition between Amazon and Reliance in India will open up. Amazon wants to expand its business in India. It is worth mentioning that giants from all over the world are trying to capture the Indian retail market. Amazon has announced a $ 5.5 billion investment in India.