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Reliance Industries (RIL) on Saturday called off the acquisition deal of Kishore Biyani-backed retail, logistics, and warehouse assets. The announcement comes after when creditors gave a thumbs down to RIL - Future Group scheme of arrangement yesterday.
In its regulatory filing today, RIL updated on the scheme of arrangement for the transfer of retail & wholesale business and the logistics and warehousing business of Future Group to Reliance Retail Ventures Limited (RRVL), a subsidiary of the Company and Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL.
RIL said, "The Future Group companies comprising Future Retail Limited (FRL) and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings."
Further, RIL said, "As per these results, the shareholders and unsecured creditors of FRL have voted in favor of the scheme. But the secured creditors of FRL have voted against the scheme."
"In view thereof, the subject scheme of the arrangement cannot be implemented," RIL added.
Kishore Biyani's Group is currently in a long feud with e-commerce major Amazon which is contesting the ₹24,713 crore deal of the former with Mukesh Ambani-backed retail arm.
