Independent directors of Kishore Biyani-led Future Retail Ltd have accepted the transaction with billionaire Mukesh Ambani-led Reliance Retail Ventures Ltd, a unit of Reliance Industries Ltd (RIL).
Future group firms are convening meetings of their respective shareholders and creditors in November to seek approval to their proposed merger into Future Enterprises as part of the 24,713-crore deal with Reliance Retail. Several listed transferor firms including Future Retail, Future Consumer, Future Enterprises, Future Lifestyle Fashions, Future Markets Networks and Future
The scheme of arrangement between Future and Reliance Retail, announced in August last year entails consolidation of Future Group's 19 companies operating in retail, wholesale, logistics and warehousing assets into one entity Future Enterprises Ltd.