Reliance extends deadline to conclude deal with Future Group by six months

NEW DELHI: Mukesh Ambani-owned Reliance Industries Ltd (RIL) has agreed to extend operational support to Future Retail Ltd to prevent its collapse while its Rs 24,713-crore deal to buy the cash-strapped retailer’s assets hangs in balance.

The retail arm of the country’s largest company in terms of market value, Reliance Retail Ventures (RRVL), has also extended the deadline for completion of the purchase by six months to accommodate for delays caused by a legal spat between Future Group and Amazon. RRVL had last August entered into an arrangement to buy Future Group’s retail assets on a slump sale basis.