Reliance calls off Rs 24,713-cr cope with Future Group after secured collectors give a thumbs down

In a regulatory submitting, Reliance mentioned Future Group corporations comprising Future Retail Limited (FRL) and different listed corporations concerned within the scheme have intimated the outcomes of the voting on the scheme of association by their shareholders and collectors at their respective conferences.

“… The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” mentioned RIL, whereas updating on the scheme of association for the switch of retail and wholesale enterprise and the logistics and warehousing enterprise of Future Group to its subsidiary Reliance Retail Ventures Ltd (RRVL) and Reliance Retail and Fashion Lifestyle Ltd (RRFLL).

In August 2020, Future Group introduced the Rs 24,713-crore deal to promote 19 corporations working in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd (RRVL).

RRVL is the holding firm of all of the retail corporations underneath the RIL Group.