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Businessman Mukesh Ambani’s Reliance Industries Ltd has acquired 200 stores of Future Retail Limited (Future Retail Limited) and re-employed its employees.

Future Retail Ltd, led by Kishore Piani, has been involved in retail sales with e-commerce company Amazon. As a result, the company is unable to pay for expenses, including rent. As a result, the company owed more than Rs 6,000 crore to creditors and landowners alone.

In a statement to the Future Group Stock Exchange, Future Retail said it would close more than 200 stores to reduce costs, citing the fact that it could not use more than 200 stores as it had no option but to renew its contract. In the meantime, Reliance Industries has started acquiring Future Retail outlets where leases expire. Similarly, Future Retail has started acquiring stores like BigBazaar. With this, all the employees and shops will come under the name of Reliance Retail.

Future Retail has about 1700 retail outlets across India. While all these leases and rent have been paid by Reliance, the procedures in it are also changed in the name of Reliance.

Reliance has so far spent Rs 1,500 crore to pay off the outstanding amount of Future Retail Limited.

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