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Future Group Stocks rose as much as 5% Shares of Future Group companies jumped 5 per cent after stock exchanges approved the group s Rs 24,713 crore-deal to sell its retail assets to Mukesh Ambani-led conglomerate Reliance Industries. The approval takes Future, which operates supermarkets like Big Bazaar and high-end food stores such as Foodhall, a step closer towards sealing a deal that will create country s groceries market leader. The deal had soured ties with Future s business partner Amazon.com Inc, which alleged the transaction breached agreements with Future made in 2019. Amazon raised legal and regulatory challenges to the deal. Future Retail shares, which soared in August after the deal was announced, ended 2020 around 77 per cent lower on Amazon s challenge. ....
By Reuters Staff 2 Min Read BENGALURU (Reuters) - Shares in Future Group companies jumped 5% on Thursday after Indian stock exchanges approved the group’s $3.4 billion deal to sell its retail assets to Mukesh Ambani-led conglomerate Reliance Industries. FILE PHOTO: People exit the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File photo The approval takes Future, which operates supermarkets like Big Bazaar and high-end food stores such as Foodhall in India, a step closer towards sealing a deal that will create India’s groceries market leader. The deal had soured ties with Future’s business partner Amazon.com Inc, which alleged the transaction breached agreements with Future made in 2019. Amazon raised legal and regulatory challenges to the deal. ....