As per a Money Control report, the shares of Reliance Industries jumped by over 3 percent in the morning session on November 23 after CCI approved Future Group-Reliance Retail deal.
The Competition Commission of India (CCI) on November 10 approved the acquisition of retail, wholesale, logistics, and warehousing businesses of Future Group by Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd.
Also, share price of Future Retail jumped 10 percent and hit upper circuit of Rs 79 per share on BSE.
The Future Group houses leading retail formats, including supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory. The acquisition is being done as part of a scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Ltd (FEL).
Earlier on August 29, 2020, MukeshAmbani-led Reliance Industries had announced the acquisition of businesses of Kishore Biyani's Future Group for Rs 24,713 crore.
The mega transaction cements the position of Reliance Retail as the undisputed leader in the organized retail segment and adds muscle to its ongoing battle with Amazon for the Indian e-commerce market.
