Billionaire Mukesh Ambani’s Reliance Industries Ltd. has taken over the operations of at least 200 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords, sources said on Saturday.
Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for ₹24,713 crore but the deal couldn’t be closed as Future’s warring partner Amazon went to courts citing violation of some contracts. Future denies any wrongdoing.