Reliance to extend long stop for Future Group deal to September 2021
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Synopsis Pursuant to the provisions of scheme and other transaction documents executed in relation thereto, RRVL has in exercise of the right provided thereunder, extended the timeline for Long Stop Date from March 31, 2021 to September 30, 2021, said Future Retail in a statement.
Agencies
Reliance Retail Ventures Ltd, a unit of Reliance Industries, agreed to buy the retail assets of Future Group on a slump sale basis for about Rs 25,000 crore, it was announced in August with a long stop of 31 March this year.
Reliance Retail Ventures has agreed to extend the timeline for long stop for Future Group deal by another six months, after the deal completion was delayed due to a court battle with Amazon. Long stop is when parties agree on a timeframe in which all the deal conditions are met and the transaction is completed.
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Photo: Unsplash
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Venture debt firm InnoVen Capital on Friday said it has invested Rs35 crore in debt in Mumbai-based online furniture marketplace Pepperfry, making it their third investment in the startup since 2017.
“We remain focused on expanding Pepperfry’s leadership position in the Indian furniture and home e-commerce. Our business has seen strong momentum through covid and we continue to make good progress towards achieving profitability and managing cash flows. These funds will be used to increase our footprint across the country and capitalise us even beyond achieving profitability,” said Neelesh Talathi, chief financial officer at Pepperfry.
The Securities and Exchange Board of India (Sebi) has approved Reliance Retail’s acquisition of Future Group’s retail assets on Wednesday.
The BSE on Wednesday said, based on the comment offered by SEBI, it has no adverse observations on the listing or de-listing requirements and the company can file the scheme with National Company Law Tribunal (NCLT). As part of the deal, the retail and wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The logistics and warehousing undertaking will be transferred to RRVL directly.
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Reliance Retail Ventures acquires Future Group businesses for ₹24,713 cr
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd, in August announced acquiring the retail, wholesale, logistics and warehousing businesses of the Future Group for ₹24,713 crore. The former will have access to 1,800 stores across the group’s Big Bazaar, FBB, Easyday, Central, Foodhall formats across 420 cities. The acquisition was done as part of the scheme in which Future Group merged its grocery, apparel, supply chain and the consumer businesses into Future Enterprises Limited (FEL). The retail/wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a subsidiary of RRVL.