Shares of oil-to-telecom conglomerate – Reliance Industries – rose as much as 3.71 per cent to hit an intraday high of ₹ 1,970 after the fair trade regulator – Competition Commission of India (CCI) cleared Reliance Industries proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group.
The ₹ 24,713 crore deal that would boost Reliance Industries’ fast growing retail business was announced in August. In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”.
Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
“The Transferor Companies consists of several listed and unlisted companies, primarily engaged in retail, wholesale, logistics and warehousing businesses.
“These businesses operate on a pan-India basis, and include retail operations across segments such as food and grocery, apparel, footwear and accessories, other merchandise, etc,” the notice said.