Reliance to rescue
Reliance Industries has stepped in to rescue Future Retail Limited . Reliance has taken over the operations of Future Retail’s stores, offering jobs to its employees. Future Retail is locked in a bitter legal wrangle with e-commerce major Amazon over the sale of its business to Reliance.
Troubled Future group
Future Group has been finding it difficult to finance its working capital needs. In a stock exchange filing on February 26, Future Retail said it plans to scale down its offline operations to reduce its losses. It plans to expand its online and home delivery business.
Future group’s long stop date for its scheme of arrangement with Reliance Industries has now been extended to September 30.
