Reliance Retail, Future Group extend deal deadline

Reliance Retail Ventures (RRVL) has extended the timeline by six months to complete its Rs 24,713-crore deal with the Future group.

The retail arm of Reliance Industries Ltd (RIL) has now revised the timeline for the “Long Stop Date” to September 30, 2021 from March 31, 2021, a regulatory filing by Future Retail said. Long Stop is a timeframe to fulfil all the conditions precedent to a transaction and the transaction completed.

“Pursuant to the provisions of the scheme and other transaction documents executed in relation thereto, RRVL has in exercise of the right provided thereunder, extended the timeline for ‘Long Stop Date’ from March 31, 2021 to September 30, 2021 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Limited, wholly-owned subsidiary of RRVL,” Future Retail said.