Reliance Industries’ subsidiary -- Reliance Retail has terminated sub-leases of 950 stores of Future Retail. Earlier, Reliance Retail had taken over store spaces for which the Future Group couldn't pay lease rent. These were then sub-let to the Future Group for operation.
In August 2020, Reliance Retail had agreed to take over the retail and logistics business of the Future Group for Rs 24,713 crore but the deal couldn't be closed, as Future's warring partner Amazon went to courts citing violation of some contracts.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
