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Deals - Asia

Reliance to buy Future Group's retail arm for $3.38 billion

FILE PHOTO: The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave

NEW DELHI (Reuters) - Mukesh Ambani-led Reliance Industries RELI.NS said on Saturday it has agreed to acquire the retail and wholesale business and the logistics and warehousing business of Future Group in a deal valued at $3.38 billion, including debt.

Like many other store chain owners, Future Group’s business has been hit by a slowing economy and the impact of the coronavirus pandemic.

($1 = 73.1140 Indian rupees)

Reporting by Sankalp Phartiyal in New Delhi; Editing by Andrew Heavens

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