Future Group has approved the merger of Future Retail with Future Enterprises to prepare for the transfer of retail, warehousing and logistics assets to a subsidiary of Reliance Industries in a deal estimated at Rs 24,713 crore.
The nationwide lockdown to curb the spread of the pandemic situation significantly impacted Future Retail’s operational capabilities, as most of the stores of the company across states, were closed except selling only essential commodities and grocery items as per the advisory issued by the respective local authorities, State, Central Governments, during the lockdown period.
Future Retail posted a net loss of Rs 470.61 crore in the fourth quarter of FY20 compared to a net profit of Rs 203.17 crore in the year-ago. The company’s standalone revenue from operations declined by 17.3 per cent from Rs 5,396.60 crore to Rs 4,445.35 crore during the January-March 2020 quarter. Future Retail runs large-format retail stores, including FBB, Big Bazaar, Nilgiris and Easyday.