Reliance-Future deal RIL extends deadline for completion of Future deal
Mumbai/IBNS: Reliance Retail Ventures Ltd. (RRVL) has extended the long-stop date for the completion of its deal with Future Group by six month to March 31, 2022, according to media reports.
The deal is stuck midway because of a legal battle between US-based e-commerce giant Amazon and Future Retail.
In August 2020, Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries led by billionaire Mukesh Ambani, had announced that it was acquiring the retail and wholesale as well as logistics and warehousing businesses of the Future Group for Rs 24,713 crore as going concerns on a slump sale basis.
The long-stop timeline of March 31, 2021 was fixed but it was extended in April last for another six months due to the ongoing legal battle.
However, the last deadline ended on Thursday and RRVL decided to extend the date.
"Reliance Retail Ventures Limited (RRVL) has in exercise of the right provided thereunder, extended the timeline for Long Stop Date from September 30, 2021 to March 31, 2022 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Limited, wholly owned subsidiary of RRVL," Future Enterprises said in a statement to the BSE.
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