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Reliance Industries in focus on takeover of Future’s retail business

Elara Capital upgraded RIL to buy from accumulate on revived refining margin, Petchem demand above pre-Covid level, Retail revival to pre-Covid level, Jio’s ARPU growth prospects and new energy investment visibility.

February 28, 2022 / 10:37 AM IST
 
 
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Shares of Mukesh Ambani led Reliance Industries Limited (RIL) dropped over 1 percent in the early trade on February 28 after the company's retail arm took charge of Future Group's retail business.

At 09:36 am the scrip traded at Rs 2256.25 apiece on the BSE, down 1.21 percent, while Future Retail advanced 10.04 percent to Rs 50.40 apiece. On the other hand, the benchmark Sensex was down 883.63 points or 1.58 percent at 54,974.89.

Reliance Industries has stepped in to rescue Future Retail Limited (FRL), taking over the operations of its stores and offering jobs to its employees, even as the Kishore Biyani-led group is locked in a bitter legal wrangle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate.

Reliance Retail has started taking over operations of Future Retail stores such as Big Bazaar and replaced them with its brand stores, according to sources.