02 March 2022, Mumbai:
Reliance Industries (RIL) will buy Future Group’s retail assets at the originally agreed price of Rs 24,713 crore if the court allows it to acquire the business.
However, it will adjust over Rs 4,000 crore which the Future Group owes it for the last 15 months for payment of rent, purchase of inventory and toward working capital when the deal materializes.
RIL also plans to rebrand all Future Group stores as Reliance Retail Outlets over the next few days. It shut hundreds of stores over the weekend and removed their signages after Future Group defaulted rent payments for these locations to Reliance Retail.
ALSO READ: Reliance Retail takes over Future Group stores
In total, around 450 Future stores have already been shuttered and will be replaced by Reliance Retail outlets. While Reliance Retail has taken control of several large stores of Future Group across its three formats - Big Bazaar, Central and Brand Factory, it is also in the process of taking possession of small store locations and rebranding them as well.
In addition to the store fronts, Reliance Retail also plans to acquire Future Group’s logistics, warehousing businesses and rights over 80 private label.
It will also buy the brand names of stores like Big Bazaar and Central which have a huge recall among consumers by being the early entrants into modern retail in the country.
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