India’s Future Retail up 5% after report says Reliance nears deal with parent

Shares of India’s Future Retail Ltd jumped almost five percent on Monday after a report cited that oil-to-telecoms conglomerate Reliance Industries Ltd, led by Asia’s richest man Mukesh Ambani, is close to acquiring Future Group’s retail unit.

“(Reliance and Future) have ironed out their differences over certain terms and conditions and a deal will be announced soon,” the Times of India newspaper reported, citing people familiar with the negotiations.

Reliance and Future Group did not immediately respond to a Reuters request for comment.

Shares of Future Retail rose as much as five percent to 100.20 rupees, hitting a so-called upper circuit, and were trading up 4.6 percent by 04:55 GMT.