CURRENT AFFAIRS

Detailed explanation-1: -As part of the deal, Future Enterprises Limited is the transferee company to Reliance Retail . Future Group’s 19 companies operating in retail, wholesale, logistics and warehousing would be consolidated into one entity–FEL–and then transferred to Reliance.

Detailed explanation-2: -As Future Group reduces its store count, Reliance will now rebrand those 200 stores as its own stores. Reliance is now in the process of also transferring 30, 000 Future Retail and Future Lifestyle employees over to its manpower and staffing arm called Reliance SMSL.

Detailed explanation-3: -Reliance to acquire Metro AG’s India business for ₹2, 850 crore.

Detailed explanation-4: -The company was unable to pay off its debt, and ultimately Kishore Biyani (the founder and CEO of the future group) had to sell the company to Reliance Retail.

Detailed explanation-5: -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.