Future Enterprises to seal Reliance Retail deal on Saturday: Report

India’s Future Enterprises Ltd is all set to finalise the sale of the group’s retail business to Mukesh Ambani-led Reliance Industries Ltd’s retail arm on Saturday, The Economic Times said.

The deal, reportedly in the works for months now, has been valued at about 290-300 billion rupees ($3.92-$4.06 billion), according to various media reports. Citing two sources familiar with the matter, The Economic Times said on Friday that Reliance will take on Future Group’s debt and liabilities and pick up a minority stake in its consumer arm.

Owned by India’s “father of modern retailing”, Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory.