(Bloomberg) — Reliance Industries Ltd. said it will acquire the retail, wholesale, logistics and warehousing units of India’s Future Group for 247.1 billion rupees ($3.4 billion), in a transaction that will propel Mukesh Ambani’s ambitions to dominate India’s retail sector.Future Group will merge some of its remaining businesses into Future Enterprises Ltd., Reliance Retail Ventures Ltd. said in a statement on Saturday. Ambani’s unit will then invest 12 billion rupees to acquire about 6.1% stake in Future Enterprises, according to the statement.The transaction with the Future Group will bolster Reliance Retail — already the nation’s largest retailer by the number …read more
Source:: Yahoo Finance
