Reliance buys Kishore Biyani’s Future retail for Rs 24,713 crore

Reliance Retail Ventures Limited (RRVL), subsidiary of Reliance Industries Limited will buy Kishore Biyani’s Future retail for Rs 24,713 crore.
The first step in this acquisition will be the merger of five Future Group’s listed entities including Future Retail, Future Lifestyle and Future Consumer – into Future Enterprises (FEL).
FEL will then sell the retail, wholesale business, logistics and warehouse business as a slump sale to Reliance Retail and Fashion Lifestyle Limited (RRFLL). RRFLL is a subsidiary of RRVL which in turn is a subsidiary of Reliance Industries Limited.
This acquisition is subject to SEBI, CCI, NCLT, shareholders, creditors, and other requisite approvals.