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Shares of India's Future Retail Ltd jumped almost 5% 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 https://bit.ly/2WXl5Q7, 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 ₹100.20, hitting a upper circuit, and were trading up 4.6 per cent.
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 had 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.
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