PIB News Update: The Competition Commission of India (CCI) approves acquisition by Reliance Retail Ventures Limited (“RRVL”), Reliance Retail and Fashion Lifestyle Limited (“RRVL WOS”) of the retail and wholesale undertaking and the logistics and warehousing undertaking of the Future Group under Section 31(1) of the Competition Act, 2002, today.
The following Future Group entities will be reorganized by way of amalgamation with Future Enterprises Limited (FEL):
Future Consumer Limited (FCL);
Future Lifestyle Fashions Limited (FLFL);
Future Retail Limited(FRL);
Future Market Networks Limited (FMNL);
Future Supply Chain Solutions Limited (FSCSL); and
Futurebazaar India Limited (FIL) and its subsidiaries.
[Hereinafter, collectively referred to as Transferor Companies]
The Transferor Companies consists of several listed and unlisted companies, primarily engaged in retail, wholesale, logistics and warehousing businesses. These businesses operate on a pan-India basis, and include retail operations across segments such as food and grocery, apparel, footwear and accessories, other merchandise, etc.
Post re-organisation of the Transferor Companies, RRVL and RRVL WOSwill acquire retail and wholesale undertaking; and the logistics and warehousing undertaking of FEL.
RRVL, a subsidiary of Reliance Industries Limited, is an unlisted company. RRVL is engaged in the business of retail supply chain management. Reliance Retail Limited, a subsidiary of RRVL, undertakes retail operations in India across segments such as food and grocery, consumer electronics, apparel, footwear, and accessories.
RRVL WOS, a wholly owned subsidiary of RRVL, has been recently incorporated to carry out various businesses including the businesses proposed to be transferred to RRVL WOS as part of the proposed combination.
Detailed order of the Commission will follow.