India’s Reliance acquires retail major

Oil-to-telecom conglomerate Reliance Industries has increased its footprint in the retail space by acquiring Future Retail, the country’s second-biggest brick-and-mortar retailer, for 247 billion rupees (US$3.38 billion). It will also strengthen Reliance’s e-commerce push to take on Amazon and the Walmart-owned Flipkart. The all-cash deal will provide the Reliance Group, owned by India’s richest man […]