Kick starting its expansion plans, The Future Group is reopening all offices, hiring top management executives across formats and focusing on its Republic Day sale event As per a Economic Times report, the group’s fast-moving consumer goods firm, Future Consumer, and apparel manufacturing company Future Enterprises have received large orders from Reliance Retail.
The group is also conceptualizing two new brands to offer products in multiple categories within fashion and FMCG. Reliance Retail, a unit of Reliance Industries, has agreed to buy retail assets of the group on a slump sale basis for about 25,000 crore. The Competition Commission of India has already approved the deal, which also needs to be cleared by SEBI and the NCLT, in addition to NOCs from creditors and minority shareholders.
Amazon, which owns a 49 per cent stake in Future Coupons, a Future Group holding company, has won a stay on the deal from the Singapore International Arbitration Centre and has urged SEBI to consider the interim order before clearing the transaction.
