Reliance calls off deal with Future group

Almost 21 months after signing an agreement for a Rs 24,713-crore deal with Kishore Biyani-led Future Group to acquire its retail, wholesale, logistics and warehousing assets, Reliance Industries Ltd on Saturday said the transaction cannot go ahead as secured creditors of the latter have voted against it.

In a regulatory filing, Reliance said Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings.

‘.. The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,’ said RIL, while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).

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