Mukesh Ambani’s Reliance Industries has agreed to pay US$3.4 billion for the retail assets of India’s Future Group in a deal that gives Asia’s richest man a stronger foundation for a push into ecommerce, reported the Financial Times.
The acquisition of the once-pioneering retail chain built by Indian entrepreneur Kishore Biyani will bolster Mr Ambani in his plans to battle Amazon and Walmart-owned Flipkart for dominance of India’s rapidly growing retail sector.
Reliance Retail is already India’s largest bricks-and-mortar retailer, operating supermarkets and convenience stores under the Reliance brand, as well as franchise stores for global brands such as Hamleys and luxury goods vendors.
But the acquisition of Future Group’s retail assets and its back-end infrastructure will give Reliance control of about one-third of the bricks-and-mortar stores of India’s otherwise fragmented modern retail sector. Future Group is known for its popular Big Bazaar hypermarket chain and other retail formats.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK’s CMA Investigates Education Software Company for Market Abuse
May 14, 2024 by
CPI
Schumer Urges FTC Caution on Chevron’s $53B Hess Deal Over Gas Price Fears
May 14, 2024 by
CPI
Amazon Urges US Judge to Block FTC Probe into Data Preservation
May 14, 2024 by
CPI
Colorado Makes History: First State to Enact Comprehensive AI Legislation
May 14, 2024 by
CPI
Class Action Settlement Reached in Cheerleading Monopoly
May 14, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI