SunstarTV Bureau: The holding company of Reliance, Reliance Retail Ventures (RRVL) plans to enforce its rights and complete the transaction in terms of the scheme and agreement with future group soon.
Reliance Industries’ proposed Rs 24,713 crore investment for retail, wholesale, logistics, and warehousing businesses and the approval of Competition Commission of India (CCI) will speed up the process.
Security and Exchange Board of India (SEBI) and National Company Law Tribunal (NCLT) have geared up to get approvals from lenders, suppliers, and shareholders as it will lead up to clearance from the NCLT. The market regulator’s approval will be largely required for the merger of Future’s listed companies.
Big Bazaar, FBB, Foodhall, Easyday, Nilgiris, Central, and Brand Factory are the future groups which will be paid by Reliance, the amount of Rs 24,713 crore for key formats. It will take over certain borrowing and liabilities, the companies said.
The manner in which the CCI evaluates the deal will set an example that the deal includes not only online and offline businesses but also covers a range of sectors including retail and warehousing. Further, within retail there is the organised (supermarkets, retail chains, e-commerce) and unorganised sector (locally run stores), which is classified by the products in terms of electronics, food, groceries, apparel and so on.