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Reliance calls off Rs 24,713-cr deal with Future Group after secured creditors give a thumbs down

In a regulatory filing, Reliance said Future Group companies have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings

Reliance began taking over the rental leases of hundreds of stores once run by FRL and Future Lifestyle Fashions Ltd amid lawsuits and arbitration across India and Singapore. (File)

Reliance Industries on Saturday said its Rs 24,713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it.

In a regulatory filing, Reliance said Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.

“… The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” said RIL, while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).

In August 2020, Future Group announced the Rs 24,713-crore deal to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).

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RRVL is the holding company of all the retail companies under the RIL Group.

First published on: 23-04-2022 at 16:51 IST
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