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RIL share rises 4% after Competition Commission clears Future Group-Reliance Retail deal

RIL share zoomed 3.73% or Rs 71 to Rs 1970 against previous close of Rs 1,899

twitter-logoBusinessToday.In | November 23, 2020 | Updated 10:23 IST
RIL share rises 4% after Competition Commission clears deal with Future Group
RIL share has gained after four days of consecutive fall.

Share price of Reliance Industries Ltd (RIL) rose over 3% in early trade today after the Competition Commission cleared Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. RIL share zoomed 3.73% or Rs 71 to Rs 1970 against previous close of Rs 1,899.

The stock has gained after four days of consecutive fall. The large cap share trades higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.

The share has gained 25.34% in one year and risen 28.01% since the beginning of this year.

Total 1.99 lakh shares of the Mukesh Ambani-led firm changed  hands amounting to turnover of Rs 38.65 crore.  Market cap of the firm rose to Rs 13.17 lakh crore.

In a tweet on November 20, the regulator said it has approved "acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited".

As per the notice submitted to the CCI, there are at least seven target entities. They are Future Enterprises, Future Consumer Ltd, Future Lifestyle Fashions Ltd, Future Retail Ltd, Future Market Networks Ltd, Future Supply Chain Solutions Ltd and Futurebazaar India Ltd and its subsidiaries.

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"The Transferor Companies consists of several listed and unlisted companies, primarily engaged in retail, wholesale, logistics and warehousing businesses.

E-commerce firm Amazon has been opposing the deal between Future Group and Reliance Industries. Last year, Amazon bought 49% stake in one of Future Group's unlisted firms, with the right to buy into the listed flagship Future Retail Ltd. Amazon has claimed that its contract with the unlisted Future Coupons Ltd barred a transaction with a number of persons and companies, including Reliance.

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