Reliance Retail 2021-10-05

Reliance Retail Ventures Extends Timeline for Completing its Rs 24,713 cr Deal with Future Group

Future Retail said Reliance Retail Ventures Ltd (RRVL) has "extended the timeline for Long Stop Date from September 30, 2021 to March 31, 2022 to which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Ltd".

By Content Writer
Reliance Retail Ventures Extends Timeline for Completing its Rs 24,713 cr Deal with Future Group

The retail arm of Reliance Industries, Reliance Retail Ventures has extended the timeline for completing its Rs 24,713 crore deal with Future Group to March 31, 2022 as it awaits regulatory and judicial clearances. This is the second time that the company has extended the timeline.

In a regulatory filing on Friday, Future Retail said Reliance Retail Ventures Ltd (RRVL) has "extended the timeline for Long Stop Date from September 30, 2021 to March 31, 2022 to which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Ltd, wholly owned subsidiary of RRVL".

RRVL had earlier extended the timeline for the Long Stop Date from March 31, 2021 to September 30, 2021.

Long Stop is an established practice in mergers and acquisition transactions. It is a timeframe in which parties agree on which all the conditions precedent for a transaction need to be fulfilled and the transaction completed.

Last week, the National Company Law Tribunal (NCLT) had allowed Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to RRVL. It has also dismissed the application filed by Amazon opposing the scheme of merger of the Future group companies.

Amazon had filed an application objecting to NCLT considering the scheme pending completion of its arbitration proceedings against Future Retail.

The deal entails the consolidation of Future Group's retail, wholesale, logistics and warehousing assets into one entity -- Future Enterprises Ltd -- and then transferring it to Reliance Retail.

The deal has been contested by Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd.

In August 2019, Amazon had agreed to purchase 49 percent of one of Future's unlisted firm, Future Coupons Ltd, with the right to buy into the flagship Future Retail after a period of 3 to 10 years. After Future's deal with RRVL, Amazon had dragged Future into arbitration at the Singapore International Arbitration Centre (SIAC).

In October, an interim award was passed by the Emergency Arbitrator (EA) in favor of Amazon that barred Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.

 

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