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Reliance Retail has extended the time period to conclude the acquisition of Future Retail by another six months from March 31 to September 30.
In August 2020, Reliance had agreed to buy Future Retail’s retail assets for ₹ 25,000 crore. However, e-commerce giant, Amazon, objected to the deal.
For the past six months, the transaction is under dispute in the Delhi High Court and the matter is also listed in the Supreme Court and scheduled for hearing on April 27.
Meanwhile, Future Group and Reliance have moved NCLT for the approval of the transfer of the assets. However, the NCLT is prohibited to give its final order till the Supreme Court gives its verdict.
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