Reliance calls off Rs 24713-cr deal with Future Group after secured creditors give a thumbs down
New Delhi Apr 23 PTI Reliance Industries on Saturday said its Rs 24713-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 24713-crore deal to sell 19 companies operating in retail wholesale logistics and warehousing segments to Reliance Retail Ventures Ltd RRVL RRVL is the holding company of all the retail companies under the RIL Group PTIKRH DRR
New Delhi Apr 23 PTI Reliance Industries on Saturday said its Rs 24713-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 24713-crore deal to sell 19 companies operating in retail wholesale logistics and warehousing segments to Reliance Retail Ventures Ltd RRVL RRVL is the holding company of all the retail companies under the RIL Group PTIKRH DRR
