Future Retail Ltd (FRL), the retail arm of Kishore Biyani-led Future Group, said it will buy the infrastructure assets of Future Enterprises Ltd for around ₹4,000 crore.
Future Retail’s board, in a meeting held on 12 October, has agreed and approved “acquisition of the retail infrastructure assets upto maximum limit of ₹4,000 crore of Future Enterprises in one or more tranches, said in a filing to the stock exchange.
The transaction is subject to approval of the members of the company, which will be sought at the extraordinary general meeting proposed to be held on 8th November in Mumbai, it added.
The company, which operates retail chains like Big Bazaar, fbb, Foodhall among others, said the acquisition would be either through direct purchase or slump sale or any other other mode as mutually acceptable at fair value to be determined based on independent valuation report and backed by fairness opinion.
This article was first published on livemint.com.