Reliance to buy Future Group's retail arm for $3.38 billion

Reuters

Published Aug 29, 2020 12:32PM ET

NEW DELHI (Reuters) - Mukesh Ambani-led Reliance Industries (NS:RELI) said on Saturday it has agreed to acquire the retail and wholesale business and the logistics and warehousing business of Future Group in a deal valued at $3.38 billion, including debt.

Like many other store chain owners, Future Group's business has been hit by a slowing economy and the impact of the coronavirus pandemic.