Bengaluru

Asia’s richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India’s huge retail sector.

 Reliance’s existing retail operation already runs close to 12,000 stores, including a cash-and-carry wholesale business, in over 6,700 Indian towns and cities.

 Owned by India’s “father of modern retailing”, Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory.

 A series of media reports have said the two were nearing agreement on the deal.

 Ratings agency ICRA estimates total debt at Future Group’s listed companies had risen to Rs 12,770 crore by September last year and the company has since faced widespread closures under India’s coronavirus Kishore Biyani lockdowns.

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