HomeBusinessFuture Retail Deal with Reliance valued at Rs 24,371 Crore

Future Retail Deal with Reliance valued at Rs 24,371 Crore

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Reliance Industries Limited has cancelled the deal with Future Retail Ltd after FRLs secured creditors voted no to the scheme.

RIL stated in a filing to the stock exchanges that Future Retail Limited (FRL), as well as other listed companies, disclosed the results from the voting on the scheme by their creditors and shareholders at their respective meetings.

“These results show that the scheme has been approved by both the shareholders and the unsecured creditors of FRL. The scheme was opposed by FRL’s secured creditors. This means that the scheme of arrangement is not possible to be implemented.

The scheme of arrangement allowed for the transfer retail and wholesale and logistics and warehousing of Future Group to Reliance Retail Ventures Limited. (RRVL), a subsidiary company, and Reliance Retail and Fashion Lifestyle Limited. (RRFLL), a whollyowned subsidiary of RRVL.

Amazon opposed the deal and legal battles have been ongoing since it was announced.

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