Biz Buzz: Reliance Retail Ventures extends deadline for Future deal

Reliance Retail Ventures Limited (RRVL), the retail subsidiary of Reliance Industries Ltd, has extended the timeline, for the “Long Stop Date”, for six months, from March 31, 2021 to September 30, 2021, to complete its Rs 24,713 crore deal with Kishore Biyani-led future group to buy its retail and wholesale business.

“Reliance Retail Ventures has in exercise of the right provided thereunder, extended the timeline for 'Long Stop Date' from March 31, 2021 to September 30, 2021 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Limited, wholly-owned subsidiary of RRVL," it said.

The deal, contested by Amazon, is facing legal hurdles and a decision from the Supreme Court is pending over the petition filed by the e-commerce major.

The Future-Reliance deal, announced on August 29, 2020, has already received clearance from the Competition Commission of India (CCI), Securities and Exchange Board of India (SEBI)  and the Stock Exchanges, and the scheme of arrangement is now awaiting a nod from the National Company Law Tribunal  (NCLT) and shareholders.

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