Future group shares, RIL gain after CCI nod for Reliance Retail deal

Shares of listed companies of Future group were locked in their respective upper circuit limits on the BSE on Monday after the Competition Commission of India (CCI) on Friday cleared Reliance Industries’ (RIL) bid to buy Future group’s retail, wholesale and logistics assets.

On August 29, Reliance Industries (RIL) and Future Enterprises (FEL) announced the deal wherein Reliance Retail will acquire the retail & wholesale, logistics & warehousing business from Future group.

Future is seeking to get out of its debt trap with the deal, while Reliance is looking to consolidate its position as the country’s largest organised retailer with the transaction. The two players have said that they will go ahead with the regulatory process despite Amazon’s objections.