'Reliance Retail' contributes to 1/4th of Future Consumer’s sales
9th September 2021, Mumbai:
Reliance Retail has become the second-largest customer of the Kishore Biyani-led Future group's FMCG arm Future Consumer, contributing over one-fourth of the total sales of the company.
In the financial year 2020-21, the retail arm of Reliance Industries has purchased goods worth Rs 157.54 crore from Future Consumer Ltd (FCL), accounting 26.8 per cent of the total sales of Rs 586.15 crore, as per the latest annual report of the company.
FCL is among the 19 group companies of the Future Group, which would be merged with Future Enterprises and then would be transferred to Reliance Industries retail arm, Reliance Retail Ventures Ltd (RRVL), as per the Rs 24,713 croredeal announced on August 29, 2020.
Future Group's retail arm Future Retail (FRL) leads the list with purchase of Rs 319.52 crore for the financial year ended on March 31, 2021. However, it was 87.9 per cent down in comparison to a purchase of Rs 2,631.58 done by FRL a year ago.
FCL's revenue from the sale of products in FY21 was Rs 586.15 crore and both companies contributed around 81.3 per cent of total sales. Reliance Retail, which has come first in the list of top consumers, contributed 26.8 per cent of the total sales.
TOP 5:
- Textile companies applaud the Centre's incentive schemes
- Slazenger joins forces with the Flipkart Group to expand its footprint in India
- The goal of textile PLI is to capture the whole value chain: Piyush Goyal is an Indian businessman
- The Cauvery Handicrafts Emporium is now available on Amazon India
- Rohit Sharma has been named as Tagg's brand ambassador
