MUMBAI: The board of Future Enterprises will meet on Saturday to clinch the sale of the group’s retail business to Reliance Retail. It will be an all cash deal. The Mukesh Ambani company will take on Future Group’s debt and liabilities. It will also pick up a minority stake in Future Group’s FMCG arm.
“Reliance will pay about Rs 13,000 crore to Future Group for clearing debt, another Rs 7,000 crore for its liabilities (including payments to landlords and vendors), and Rs 6,000-7,000 crore to the promoter group,” said one of the persons.
Janet Elizabeth John@samacharline