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RIL sets Sept. target to complete buy.
Reliance Retail Ventures, the retail arm of Reliance Industries, has extended the timeline by six months to complete its ₹24,713 crore deal with Kishore Biyani-led Future group to buy its retail and wholesale business.
Reliance Retail Ventures Ltd. (RRVL) has extended the ‘Long Stop Date’ from March 31 to September 30, of this year, Future Retail said a regulatory filing.
“RRVL has… extended the timeline for ‘Long Stop Date’ from March 31, 2021 to September 30, 2021 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Limited, wholly-owned subsidiary of RRVL,” it said.
The deal, contested by Amazon, is facing legal hurdles and a decision from the Supreme Court is pending over the petition filed by the e-commerce major.
The Future-Reliance deal, announced on August 29, 2020, has already received clearance from the CCI, SEBI and the bourses, and the scheme of arrangement is now awaiting a nod from the NCLT and shareholders.
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