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

NEW DELHI (Reuters) – Mukesh Ambani-led Reliance Industries 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)