CURRENT AFFAIRS

Detailed explanation-1: -Reliance Retail has acquired future group’s retail, wholesale, warehouse and logistics businesses for Rs. 24, 713 crore.

Detailed explanation-2: -Billionaire Mukesh Ambani’s Reliance Industries Ltd has taken over the operations of at least 200 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords, sources said on Saturday.

Detailed explanation-3: -Since February, Reliance Retail has taken control of 947 stores of the Future group after the latter’s lease agreement expired. Reliance later rebranded some of the stores as “Smart Bazaar” – a grocery retail chain of the Mukesh Ambani-owned company.

Detailed explanation-4: -Reliance became the main tenant under the store leases at some point and then sub-leased the stores to Future. Once Future missed rental payments, it was entitled to terminate the sub-leases. The takeover of stores in February, explains Avanti T.

Detailed explanation-5: -Reliance took control of over 200 Big Bazaar stores, 34 Central stores and 78 Brand Factory outlets after Future Group defaulted on payments for renewing leases in April. With the new fashion & lifestyle departmental store format, Reliance Centro, will compete with Shoppers Stop and Lifestyle.