Reliance-Future Group deal news today: All you want to know in brief

Reliance-Future Group deal news today: Reliance Industries Ltd's acquisition of debt-strapped Future Group will almost double the footprint of its retail business, which now is valued at up to USD 68 billion, analysts said. The oil-to-telecom conglomerate on Saturday announced the acquisition of Future's retail, wholesale, logistics and warehousing units for Rs 24,713 crore. The deal terms entail a merger of five listed units of Future Group into Future Enterprises Ltd (FEL).

Reliance Retail has also proposed to invest Rs 1,200 crore in FEL preferential equity (6.09 per cent of post-merger equity of FEL) and Rs 1,600 crore in preferential warrants (option to acquire further 7.05 per cent). The deal increases the retail store footprint of Reliance Retail Ltd, a unit of RIL, from current 28.7 million square feet to 52.5 million sq ft, consolidating its pole position, analysts said.