Future Retail has agreed to acquire most of local conglomerate Bharti Enterprises’ shares in its retail business to create one of India’s biggest retail chains with more than 570 stores across the country.
Under the all-stock deal valued at about US $118 million, the retail operations of Future Retail and Bharti Retail will be merged to create a new company.
Shareholders of Bharti Retail and the shareholders of Future Retail will be shareholders in each of the new entities.
“To streamline the operations resulting from this consolidation, the board of directors of Future Retail and Bharti Retail have proposed a demerger of the retail business of Future Retail to Bharti Retail, and a demerger of the infrastructure business of Bharti Retail to Future Retail,” the companies said in a statement.
“Consolidation process will result in creation of two distinct entities post-merger – one focused on retail operations and other holding the infrastructure and investment.”
The plan is approved by the boards of both companies, but it still requires the nod from shareholders, stock exchanges and regulators.
Full content: The Financial Times
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