INSUBCONTINENT EXCLUSIVE:
Shares of Future Retail Ltd jumped almost 5 per cent on Monday after a report cited that oil-to-telecoms conglomerate Reliance Industries
Ltd, led by Asia's richest man Mukesh Ambani, is close to acquiring Future Group's retail unit."(Reliance and Future) have ironed out their
differences over certain terms and conditions and a deal will be announced soon," the Times of India newspaper reported, citing people
familiar with the negotiations.Reliance and Future Group did not immediately respond to a Reuters request for comment.Shares of Future
Retail rose as much as 5 per cent to Rs 100.20, hitting an upper circuit, and were trading up 4.6 per cent by 10:25 am.Bloomberg News had
reported in June that Reliance was closing in on a deal that would see it acquire stakes in some units of Future Group, led by Kishore
Biyani.Earlier this month, the Mumbai-based company said no decision has been taken by its board regarding Reliance or any talks with
lenders about a deal.Future Retail operates more than 1,500 stores in India and owns several supermarket brands, including budget department
and grocery chain Big Bazaar.
