Reliance Industries Ltd (RIL) has called off a proposed transaction with Future Retail Ltd (FRL) following opposition from FRL’s secured creditors.
In a regulatory filing, Reliance said Future Group companies have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings
"The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” said RIL
In August 2020, Future Group announced the Rs 24,713-crore deal to sell 19 companies operating in retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Ltd.
RRVL is the holding company of all the retail companies under the RIL Group.
Amazon Inc., which had earlier invested in Future Coupons, had fiercely contested this deal and challenged it in the Supreme Court of India.
It had also secured an injunction from Singapore Arbitration Tribunal.