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Adani, Reliance Back Out From Buying Future Group Assets

The companies, as per reports, felt that the assets are priced more than their actual value

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Reliance and Adani, two of the biggest corporate conglomerates run by high-profile billionaires Mukesh Ambani and Gautam Adani, dropped their initial plan to buy the assets of Future Group. While the two companies are mum about their most recent actions, reports claim that they had to alter their plans due to the high value of the Future Group properties that are up for auction.

As per the reports, after gaining ownership of the Future Group's most notable physical retail operations, Mukesh Ambani's Reliance Group was eager to acquire a number of its other assets. Big Bazaar, the flagship brand of Future Retail, is one of the assets still under the ownership of the Kishore Biyani-founded Future Group. fbb, CENTRAL, aLL, and Brand Factory are reportedly among the sibling retail chain companies that Reliance Group was interested in buying.

Reliance was also interested in Future Group's assets in storage and supply chain, which were constructed utilising cutting-edge technology and are situated in prominent areas. However, the ambitions of the diversified conglomerate were not suited by the valuation. The Reliance Group executives changed their position after learning that the previously mentioned assets were worth more than Rs 9,000 crore, according to a reports.

Tags assigned to this article:
reliance industries adani enterprises future group retail