Reliance Industries buys retail assets of India’s Future Group
In India, Reliance Industries has agreed to pay $3.4bn for the retail assets of Future Group. The move boosts the plans of Mukesh Ambani, Reliance Industries chairman and currently the richest man in Asia, Walmart and Amazon for ecommerce dominance in India. Reliance Retail is already India’s largest bricks-and-mortar retailer but the acquisition of Future Group’s retail assets gives the company the control of about one-third of the bricks-and-mortar stores of India’s retail sector.
article: Reliance to pay $3.4bn for India’s second-largest retailer Future Group
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