Future Retail Ltd will go into liquidation if its deal to sell assets to Reliance Industries fails, the group told a Singapore arbitrator while arguing against Amazon.com Inc’s bid to scupper the deal.
Walmart Inc’s Flipkart will buy a 7.8 percent stake in Aditya Birla Fashion and Retail Ltd for 15 billion rupees ($204 million), the fashion retail company said, sending its shares up 6 percent on Friday.
The list of potential bidders for Debenhams has got smaller with news that deep-pocketed Reliance Retail has dropped out. It's also been suggested that the owner of its Oxford Street store wants to break the lease.
Reliance Retail has managed to get another investor onboard with the Abu Dhabi Investment Authority (ADIA) committing an investment of Rs 5,513 crore ($750.5 million) for a 1.2 percent stake in the company.