Reliance Industries

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Not to be confused with Reliance Group.

Reliance Industries Limited
TypePublic
ISININE002A01018
IndustryConglomerate
Founded8 May 1973; 48 years ago (8 May 1973)
FounderDhirubhai Ambani
Headquarters
Mumbai, Maharashtra
,
India
Area served
Worldwide
Key people
Mukesh Ambani
(Chairman & MD)
Nita Dalal Ambani
(Director)
Products
RevenueIncrease ₹483,251 crore (US$63 billion)[1] (2021)
Increase ₹76,134 crore (US$10 billion) [1] (2021)
Increase ₹53,223 crore (US$7.0 billion)[1] (2021)
Total assetsIncrease ₹1,321,212 crore (US$170 billion)[1] (2021)
Total equityIncrease ₹693,727 crore (US$91 billion)[1] (2021)
Owner
Number of employees
236,560 (2021)[citation needed]
Subsidiaries
Websitewww.ril.com

Reliance Industries Limited is an Indian multinational conglomerate company, headquartered in Mumbai. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. Reliance is one of the most profitable companies in India,[2] the largest publicly traded company in India by market capitalisation,[3] and the largest company in India as measured by revenue.[4] It is also the tenth largest employer in India with over 236,000 employees.[5][6] RIL has a market capitalisation of US$243 billion as of March 31, 2022.[7][8]

The company is ranked 155th on the Fortune Global 500 list of the world's biggest corporations as of 2021.[7] Reliance continues to be India's largest exporter, accounting for 8% of India's total merchandise exports and access to markets in over 100 countries.[9] Reliance is responsible for almost 5% of the government of India's total revenues from customs and excise duty. It is also the highest income tax payer in the private sector in India.[9][10] The company has negative free cash flows.[11]

History[edit]

1960–1980[edit]

Stamp released in 2002 to honour company founder Dhirubhai Ambani.

The company was co-founded by Dhirubhai Ambani and Champaklal Damani in 1960's as Reliance Commercial Corporation. In 1965, the partnership ended and Dhirubhai continued the polyester business of the firm.[12] In 1966, Reliance Textiles Engineers Pvt. Ltd. was incorporated in Maharashtra. It established a synthetic fabrics mill in the same year at Naroda in Gujarat.[13] On 8 May 1973, it became Reliance Industries Limited. In 1975, the company expanded its business into textiles, with "Vimal" becoming its major brand in later years. The company held its Initial public offering (IPO) in 1977.[14] The issue was over-subscribed by seven times.[15] In 1979, a textiles company Sidhpur Mills was amalgamated with the company.[16] In 1980, the company expanded its polyester yarn business by setting up a Polyester Filament Yarn Plant in Patalganga, Raigad, Maharashtra with financial and technical collaboration with E. I. du Pont de Nemours & Co., U.S.[13]

1981–2000[edit]

In 1985, the name of the company was changed from Reliance Textiles Industries Ltd. to Reliance Industries Ltd.[13] During the years 1985 to 1992, the company expanded its installed capacity for producing polyester yarn by over 1,45,000 tonnes per annum.[13]

The Hazira petrochemical plant was commissioned in 1991–92.[17]

In 1993, Reliance turned to the overseas capital markets for funds through a global depository issue of Reliance Petroleum. In 1996, it became the first private sector company in India to be rated by international credit rating agencies. S&P rated Reliance "BB+, stable outlook, constrained by the sovereign ceiling". Moody's rated "Baa3, Investment grade, constrained by the sovereign ceiling".[18]

In 1995/96, the company entered the telecom industry through a joint venture with NYNEX, USA and promoted Reliance Telecom Private Limited in India.[17]

In 1998/99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas.[17]

The years 1998–2000 saw the construction of the integrated petrochemical complex at Jamnagar in Gujarat,[17] the largest refinery in the world.

2001 onwards[edit]

In 2001, Reliance Industries Ltd. and Reliance Petroleum Ltd. became India's two largest companies in terms of all major financial parameters.[19] In 2001–02, Reliance Petroleum was merged with Reliance Industries.[14]

In 2002, Reliance announced India's biggest gas discovery (at the Krishna Godavari basin) in nearly three decades and one of the largest gas discoveries in the world during 2002. The in-place volume of natural gas was in excess of 7 trillion cubic feet, equivalent to about 120 crore (1.2 billion) barrels of crude oil. This was the first ever discovery by an Indian private sector company.[14][20]

In 2002–03, RIL purchased a majority stake in Indian Petrochemicals Corporation Ltd. (IPCL), India's second largest petrochemicals company, from the government of India,[21] RIL took over IPCL's Vadodara Plants and renamed it as Vadodara Manufacturing Division (VMD).[22][23] IPCL's Nagothane and Dahej manufacturing complexes came under RIL when IPCL was merged with RIL in 2008.[24][25]

In 2005 and 2006, the company reorganised its business by demerging its investments in power generation and distribution, financial services and telecommunication services into four separate entities.[26]

In 2006, Reliance entered the organised retail market in India[27] with the launch of its retail store format under the brand name of 'Reliance Fresh'.[28][29] By the end of 2008, Reliance retail had close to 600 stores across 57 cities in India.[14]

In November 2009, Reliance Industries issued 1:1 bonus shares to its shareholders.

In 2010, Reliance entered the broadband services market with acquisition of Infotel Broadband Services Limited, which was the only successful bidder for pan-India fourth-generation (4G) spectrum auction held by the government of India.[30][31]

In the same year, Reliance and BP announced a partnership in the oil and gas business. BP took a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the KG-D6 block for $7.2 billion.[32] Reliance also formed a 50:50 joint venture with BP for sourcing and marketing of gas in India.[33]

In 2017, RIL set up a joint venture with Russian Company Sibur for setting up a Butyl rubber plant in Jamnagar, Gujarat, to be operational by 2018.[34]

In August 2019, Reliance added Fynd primarily for its consumer businesses and mobile phone services in the e-commerce space.[35][36]

On the 18th August 2021, Reliance Industries Limited (RIL) stated that it had shut down its manufacturing units at Nagothane town in Maharashtra.[37]

Shareholding[edit]

Chairman and MD: Mukesh Ambani
Director: Nita Ambani

The number of shares of RIL are approx. 644.51 crore (6.44 billion).[38] The promoter group, the Ambani family, holds approx. 49.38% of the total shares whereas the remaining 50.62% shares are held by public shareholders, including FII and corporate bodies.[38] Life Insurance Corporation of India is the largest non-promoter investor in the company, with 7.98% shareholding.[39]

In January 2012, the company announced a buyback program to buy a maximum of 12 crore (120 million) shares for ₹10,400 crore (US$1.5 billion). By the end of January 2013, the company had bought back 4.62 crore (46.2 million) shares for ₹3,366 crore (US$440 million).[40]

Listing[edit]

The company's equity shares are listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited. The Global Depository Receipts (GDRs) issued by the company are listed on Luxembourg Stock Exchange.[41][42] It has issued approx. 5.6 crore (56 million) GDRs wherein each GDR is equivalent to two equity shares of the company. Approximately 3.46% of its total shares are listed on Luxembourg Stock Exchange.[38]

Its debt securities are listed at the Wholesale Debt Market (WDM) Segment of the National Stock Exchange of India Limited (NSE).[43]

It has received domestic credit ratings of AAA from CRISIL (S&P subsidiary) and Fitch. Moody's and S&P have provided investment grade ratings for international debt of the company, as Baa2 positive outlook (local currency issuer rating) and BBB+ outlook respectively.[44][45][46] On 28 December 2017, RIL announced that it will be acquiring the wireless assets of Anil Ambani-led Reliance Communications for about ₹23,000 crores.[47]

Operations[edit]

The company's petrochemical, refining, oil and gas-related operations form the core of its business; other divisions of the company include cloth, retail business, telecommunications and special economic zone (SEZ) development. In 2012–13, it earned 76% of its revenue from refining, 19% from petrochemicals, 2% from oil & gas and 3% from other segments.[39]

In July 2012, RIL informed that it was going to invest US$1 billion over the next few years in its new aerospace division which will design, develop, manufacture, equipment and components, including aircraft, engine, radars, avionics and accessories for military and civilian aircraft, helicopters, unmanned airborne vehicles and aerostats.[48]

On 31 March 2021, the company had 347 subsidiary companies and 150 associate companies.[49]

Subsidiaries[edit]

  • Jio Platforms Limited, essentially a technology company, is a majority-owned subsidiary of RIL. It is the result of a corporate restructuring announced in October 2019, resulting in all the digital initiatives and the telecommunication assets being housed under this new subsidiary.[50] This new subsidiary holds all the digital business assets including Reliance Jio Infocomm Ltd, which in turn holds the Jio connectivity business - Mobile, broadband and enterprise and also the other digital assets (JIO Apps, Tech backbone and Investments in other tech entities like Haptic, Hathaway and Den Networks among others.[51] In April 2020, RIL announced a strategic investment of ₹43,574 crore (US$5.7 billion) by Facebook into Jio Platforms. This investment translated into a 9.99% equity stake, on a fully diluted basis.[52] Further in May 2020, RIL sold roughly 1.15% stake in Jio Platforms for ₹5,656 crore (US$740 million) to the American private equity investor, Silver Lake Partners.[53] Intel became the 12th company to invest in Reliance Jio platforms after it invested ₹1,894.50 crore ($250 million),the total investments in Jio platforms is ₹117,588.45 crore so far.[54] On 16 July 2020, Google announced that it will acquire a 7.7% stake in Jio Platforms for ₹33,737 crore.[55]
  • Reliance Retail is the retail business wing of the Reliance Industries. In March 2013, it had 1466 stores in India.[56] It is the largest retailer in India.[57] Many brands like Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness, Reliance Trends, Reliance Autozone, Reliance Super, Reliance Mart, Reliance iStore, Reliance Home Kitchens, Reliance Market (Cash n Carry) and Reliance Jewel come under the Reliance Retail brand. Its annual revenue for the financial year 2012–13 was ₹108 billion (US$1.4 billion) with an EBITDA of ₹780 million (US$10 million).[39][58]
  • Reliance Life Sciences works around medical, plant and industrial biotechnology opportunities. It specialises in manufacturing, branding, and marketing Reliance Industries' products in bio-pharmaceuticals, pharmaceuticals, clinical research services, regenerative medicine, molecular medicine, novel therapeutics, biofuels, plant biotechnology, and industrial biotechnology sectors of the medical business industry.[59][60]
  • Reliance Logistics is a single-window[clarification needed] company selling transportation, distribution, warehousing, logistics, and supply chain-related products.[61][62][63] Reliance Logistics is an asset based company with its own fleet and infrastructure.[64] It provides logistics services to Reliance group companies and outsiders.[65] Merged content from Reliance Logistics to here. See Talk:Reliance Industries/Archives/2013#Merge proposals.
  • Reliance Solar, the solar energy subsidiary of Reliance, was established to produce and retail solar energy systems primarily to remote and rural areas. It offers a range of products based on solar energy: solar lanterns, home lighting systems, street lighting systems, water purification systems, refrigeration systems and solar air conditioners.[66] Merged content from Reliance Solar to here. See Talk:Reliance Industries/Archives/2013#Merge proposals.
  • Reliance Industrial Infrastructure Limited (RIIL) is an associate company of RIL. RIL holds 45.43% of total shares of RIIL.[39] It was incorporated in September 1988 as Chembur Patalganga Pipelines Limited, with the main objective being to build and operate cross-country pipelines for transporting petroleum products. The company's name was subsequently changed to CPPL Limited in September 1992, and thereafter to its present name, Reliance Industrial Infrastructure Limited, in March 1994.[67] RIIL is mainly engaged in the business of setting up and operating industrial infrastructure. The company is also engaged in related activities involving leasing and providing services connected with computer software and data processing.[68] The company set up a 200-millimetre diameter twin pipeline system that connects the Bharat Petroleum refinery at Mahul, Maharashtra, to Reliance's petrochemical complex at Patalganga, Maharashtra. The pipeline carries petroleum products including naphtha and kerosene. It has commissioned facilities like the supervisory control and data acquisition system and the cathodic protection system, a jackwell at River Tapi, and a raw water pipeline system at Hazira. The infrastructure company constructed a 71,000 kilo-litre petrochemical product storage and distribution terminal at the Jawaharlal Nehru Port Trust (JNPT) Area in Maharashtra.[citation needed]
  • Network 18, a mass media company. It has interests in television, digital platforms, publication, mobile apps, and films. It also operates two joint ventures, namely Viacom 18 and History TV18 with Viacom and A+E Networks respectively. It also have acquired a partial part of ETV Network and since renamed its channels under the Colors TV brand.
  • Reliance Eros Productions LLP, joint venture with Eros International to produce film content in India.[69]
  • Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of RIL provides financial services. The Company owns securities of companies other than banks, as well as offers investment services.[70] RIIHL bought majority stakes in two companies - logistics firm Grab A Grub Services Private Limited (Grab) and software company C-Square Info Solutions - for over ₹146 crore in March 2019. RIIHL also sponsored the Tower Investment trust (InvITs) for the acquisition of 49% equity in RJio’s tower assets for ₹25,215 crore by the Canadian asset management firm Brookfield Infrastructure Partners.[71] On April 22, 2021, RIIHL acquired the entire issued share capital of Stoke Park Ltd, company that owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire for £57 million.[72]
  • Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of RIL bought a 51.78% stake in robotics and AI firm Asteria Aerospace for ₹23.12 crore and an 85% stake in NowFloats Technologies for ₹141.63 crore in Dec 2019.[73] It also holds 18.83% in EIH Limited, the flagship company of The Oberoi Group, one of the largest luxury hotel chains in India. In November 2019, RSBVL invested an undisclosed amount in SkyTran Inc. for 12.7%, increased it further to 26.3% by April 2020. In February 2021, RIL became the majority stakeholder with 54.46% with an additional investment of $26.76 million.[74]
  • Reliance Sibur
  • Embibe, Bengaluru-based EdTech start-up raised a funding of ₹89.91 crore from RIL in February 2020. Over a period of three years, Reliance Industries had invested around $180 million in the start-up. A part of it was towards acquiring a stake of 72.69% from Embibe's existing investors. In December 2019, Embibe, under the proprietary name (Individual Learning Private Limited), announced that it picked up equity shares in Bengaluru-based K12 startup Funtoot (eDreams Edusoft). The deal was capped at ₹71.64 crore in cash, which holds for 90.5% in the equity share capital of Funtoot. In February 2020, it acquired the rival platform OnlineTyari.[75][76]
  • NowFloats
  • Model Economic Township

Associates[edit]

  • Relicord is a cord blood banking service owned by Reliance Life Sciences. It was established in 2002.[77] It has been inspected and accredited by AABB,[78] and also has been accorded a licence by Food and Drug Administration (FDA), Government of India.
  • Reliance Jio Infocomm Limited (RJIL), previously known as Infotel Broadband, is a broadband service provider which gained 4G licences for operating across India.[79][80][81]
  • Reliance Institute of Life Sciences (RILS), established by Dhirubhai Ambani Foundation, is an institution offering higher education in various fields of life sciences and related technologies.[82][83]
  • Reliance Clinical Research Services (RCRS), a contract research organisation (CRO) and wholly owned subsidiary of Reliance Life Sciences, specialises in the clinical research services industry. Its clients are primarily pharmaceutical, biotechnology and medical device companies.[84]
  • LYF, a 4G-enabled VoLTE device brand from Reliance Retail.[85]

Digital Fibre Infrastructure Trust (InvIT)[edit]

Reliance Industrial Investments and Holdings owns Digital Fibre InvIT, which in turn owns 51% of Jio Digital Fibre Private Limited. The remaining 49% in Jio Digital Fibre Private Limited is owned by Reliance Industries directly.

Jio Digital Fibre Private Limited holds all fibre optic assets of the telecom operations of the group.[86]

Former holdings[edit]

On March 2017, Reliance Industries Ltd (RIL) completed the sale process of its 76% equity stake in Mauritius-based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of French oil and gas firm Total SE.[87]

The East West Pipeline has been acquired by India Infrastructure Trust, which is owned by Brookfield Asset Management for a consideration of ₹13,000 cr.[88]

Employees[edit]

As on 31 March 2018, the company had 29,533 permanent employees of which 1,521 were women and 70 were employees with disabilities. It also had 158,196 temporary employees on the same date which makes a total of 187,729 employees.[39] As per its Sustainability Report for 2011–12, the attrition rate was 7.5%. But currently, the same attrition rate has gone up to 23.4% in March 2015 as per latest report released by the organisation.[89]

In its 39th Annual General Meeting, its chairman informed the shareholders of the investment plans of the company of about ₹1,500 billion (US$20 billion) in the next three years. This would be accompanied by increasing the staff strength in Retail division from existing strength of 35,000 to 120,000 in next 3 years and increasing employees in Telecom division from existing 3,000 to 10,000 in 12 month[90]

Awards and recognition[edit]

  • International Refiner of the year in 2017 at Global Refining and Petrochemicals Congress 2017 [91]
  • International Refiner of the Year in 2013 at the HART Energy's 27th World Refining & Fuel Conference.[92] This is the second time that RIL has received this Award for its Jamnagar Refinery, the first being in 2005.[93]
  • The Brand Trust Report ranked Reliance Industries as the 7th most trusted brand in India in 2013 and 9th in 2014.[94][95]
  • RIL was certified as 'Responsible Care Company' by the American Chemistry Council in March 2012.[96]
  • RIL was ranked at 25th position across the world, on the basis of sales, in the ICIS Top 100 Chemicals Companies list in 2012.[97]
  • RIL was awarded the National Golden Peacock Award 2011 for its contribution in the field of corporate sustainability.[98]
  • In 2009, Boston Consulting Group (BCG) named Reliance Industries as the world's fifth biggest 'sustainable value creator' in a list of 25 top companies globally in terms of investor returns over a decade.[99]
  • The company was selected as one of the world's 100 best managed companies for the year 2000 by IndustryWeek magazine.[13][100]
  • From 1994 to 1997, the company won National Energy Conservation Award in the petrochemical sector.[13]

Finance[edit]

Year Revenue (In crores) Profits/Loss (In crores) Total Assets (In crores) Employees
FY 2010 Increase 203,174 Increase 24,503 Increase 259,445 Increase 61,190
FY 2011 Increase 265,050 Decrease 19,294 Increase 307,519 Decrease 58,730
FY 2012 Increase 357,677 Increase 19,724 Increase 327,191 Increase 65,130
FY 2013 Increase 395,957 Increase 20,879 Increase 362,357 Increase 71,790
FY 2014 Increase 433,521 Increase 22,493 Increase 428,843 Increase 83,530
FY 2015 Decrease 374,372 Increase 23,566 Increase 504,486 Increase 97,560
FY 2016 Decrease 272,583 Increase 29,745 Increase 598,997 Increase 122,030
FY 2017 Increase 303,954 Increase 29,901 Increase 706,802 Increase 140,480
FY 2018 Increase 390,823 Increase 36,075 Increase 811,273 Increase 187,730
FY 2019 Increase 568,337 Increase 39,588 Increase 997,630 Increase 194,060
FY 2020 Increase 596,679 Decrease 39,354 Increase 1,163,015 Increase 195,620
FY 2021 Decrease 466,307 Increase 49,128 Increase 1,320,065 Increase 236,330

Criticism and controversies[edit]

De-merger of RIL in 2005–2006[edit]

The Ambani family holds around 45% of the shares in RIL.[101] Since its inception, the company was managed by its founder and chairman Dhirubhai Ambani. After suffering a stroke in 1986, he handed over the daily operations of the company to his sons Mukesh Ambani and Anil Ambani. After the death of Dhirubhai Ambani in 2002, the management of the company was taken up by both the brothers. In November 2004, Mukesh Ambani, in an interview, admitted to having differences with his brother Anil over 'ownership issues'.[102] He also said that the differences "are in the private domain". The share prices [103] of RIL were impacted by some margin when this news broke out. In 2005, after a bitter public feud between the brothers over the control of the Reliance empire, mother Kokilaben intervened to broker a deal splitting the RIL group business into the two parts.[104] In October 2005, the split of Reliance Group was formalised. Mukesh Ambani got Reliance Industries and IPCL. Younger brother Anil Ambani received telecom, power, entertainment, and financial services business of the group. The Anil Dhirubhai Ambani Group includes Reliance Communications, Reliance Infrastructure, Reliance Capital, Reliance Natural Resources and Reliance Power.[105][106]

The division of Reliance group business between the two brothers also resulted in de-merger of 4 businesses from RIL.[107][108] These businesses immediately became part of Anil Dhirubhai Ambani Group. The existing shareholders in RIL, both the promoter group and non-promoters, received shares in the de-merged companies.[26]

Relationship with ONGC[edit]

In May 2014, ONGC moved to Delhi High Court accusing RIL of pilferage of 18 billion cubic metres of gas from its gas-producing block in the Krishna Godavari basin.[109] Subsequently, the two companies agreed to form an independent expert panel to probe any pilferage.[110]

Nepotism[edit]

Seminar magazine (2003) detailed Reliance founder Dhirubhai Ambani's proximity to politicians, his enmity with Bombay Dyeing's Nusli Wadia, the exposes by the Indian Express and Arun Shourie about illegal imports by the company and overseas share transactions by shell companies, and the botched attempt to acquire Larsen & Toubro.[111]

As early as 1996, Outlook magazine addressed other controversies related to fake and switched shares; insider trading; and a nexus with the state-owned Unit Trust of India. Five main allegations concerning Reliance, and which have plunged the Indian capital markets into a period of uncertainty unsurpassed since the days of the securities scam were:

  • Reliance issued fake shares.
  • It switched shares sent for transfer by buyers to make illegal profits.
  • It has indulged in insider trading in shares.
  • It established a nexus with the Unit Trust of India to raise huge sums of money to the detriment of UTI subscribers.
  • It attempted to monopolise the private telecom services market through front companies.[112]

NICL[edit]

The Central Bureau of Investigation (CBI) filed a chargesheet in a Mumbai court against Reliance Industries Limited (RIL) and four retired employees of National Insurance Company Limited (NICL), including a former CMD, under provisions of the Prevention of Corruption Act for criminal conspiracy and other charges. Acting on a reference from CVC in March 2005, the CBI started probing the conspiracy that led to the filing of the chargesheet on 9 December 2011. The 2005 complaint had alleged irregularities in issuance of insurance policies — for coverage of default payments — by NICL to RIL. Chargesheet also mentioned criminal offences with dishonest intention and causing wrongful loss totalling ₹147.41 crore to NICL and wrongful gain to the private telecom provider.[113]

Two retired senior officials of National Insurance Company Limited and 11 others were awarded varying jail terms by a Delhi court in Jan 2014.[114]

RIL plane grounded[edit]

A business jet owned by Reliance Industries (RIL) was grounded by The Directorate General of Civil Aviation (DGCA) on 22 March 2014 during a surprise inspection, for carrying expired safety equipment on board; its pilot was also suspended for flying without a licence.[115]

Krishna Godavari (KG) Basin gas[edit]

The Reliance Industries Limited (RIL) was supposed to relinquish 25% of the total area outside the discoveries in 2004 and 2005, as per the Production Sharing Contract (PSC). However, the entire block was declared as a discovery area and RIL was allowed to retain it. In 2011, the Comptroller and Auditor General of India (CAG) criticised the Oil Ministry for this decision. The CAG also faulted RIL for limiting the competition in contracts, stating that RIL awarded a $1.1 billion contract to Aker on a single-bid basis.[116][117]

Petition against Reliance Jio[edit]

A PIL filed in the Supreme Court by an NGO Centre for Public Interest Litigation, through Prashant Bhushan, challenged the grant of pan-India licence to RJIL by the Government of India. The PIL alleged that RJIL was allowed to provide voice telephony along with its 4G data service, by paying an additional fees of just INR16580 million (US$280 million) arbitrary and unreasonable, and contributed to a loss of INR228420 million (US$3.8 billion) to the exchequer.[118][119]

The CAG in its draft report alleged rigging of the auction mechanism, whereby an unknown ISP, Infotech Broadband Services Pvt Ltd, acquired the spectrum by bidding 5000 times its net worth, after which the company was sold to Reliance Industries.[120]

Future Retail deal and possession[edit]

In February 2022, Reliance terminated the leases of hundreds of Future Retail locations, the next largest retail chain in India, and took possession of those brick-and-mortar shops. Future Retail had a deal to sell its assets to Reliance, but that deal was contested by Amazon.com, which in 2019 acquired a stake in a subunit of Future Retail along with certain rights with respect to the transfer of the retailer's assets. Reliance's possessions came after rounds of legal wrangling, including a 2020 arbitration in Singapore and an antitrust review by the Competition Commission of India.[121][122][123][124]

See also[edit]

References[edit]

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External links[edit]

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