If the court authorizes it, Reliance Industries (RIL) will not lower the purchase price of the Future Group’s retail businesses from the $24.713 crore originally agreed upon when the agreement was announced.
When the sale closes, however, it will adjust over 4,000 crore that the Future Group owes for rent, inventory, and working capital over the last 15 months, according to three senior industry executives.
RIL closed hundreds of Future stores over the weekend and removed their signage in order to rebrand them as Reliance Retail locations in the coming days. This was done after Future Group failed on rent payments to Reliance Retail for these stores.
