[ad_1]
BENGALURU :
Shares of India’s Future Retail Ltd jumped nearly 5% on Monday after a report cited that oil-to-telecoms conglomerate Reliance Industries Ltd, led by Asia’s richest man Mukesh Ambani, is near buying Future Group’s retail unit.
“(Reliance and Future) have ironed out their differences over certain terms and conditions and a deal will be announced soon,” the Times of India newspaper reported, citing folks acquainted with the negotiations.
Reliance and Future Group didn’t instantly reply to a Reuters request for remark.
Shares of Future Retail rose as a lot as 5% to Rs100.20, hitting a so-called higher circuit, and have been buying and selling up 4.6% by 0455 GMT.
Bloomberg News had reported in June that Reliance was closing in on a deal that will see it purchase stakes in some models of Future Group, led by Kishore Biyani.
Earlier this month, the Mumbai-based firm mentioned no determination has been taken by its board concerning Reliance or any talks with lenders a couple of deal.
Future Retail operates greater than 1,500 shops in India and owns a number of grocery store manufacturers, together with price range division and grocery chain Big Bazaar.
[ad_2]
Source hyperlink