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Future Retail up 5%

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Shares of India’s Future Retail Ltd jumped almost 5% on Monday after a report cited that oil-to-telecoms conglomerate Reliance Industries Ltd, led by Asia’s richest man Mukesh Ambani, is close to acquiring Future Group’s retail unit.

“(Reliance and Future) have ironed out their differences over certain terms and conditions and a deal will be announced soon,” the Times of India newspaper reported, citing people familiar with the negotiations.

Reliance and Future Group did not immediately respond to a Reuters request for comment.

Shares of Future Retail rose as much as 5% to Rs. 100.20, hitting a so-called upper circuit, and were trading up 4.6% by 0455 GMT.

Bloomberg News had reported in June that Reliance was closing in on a deal that would see it acquire stakes in some units of Future Group, led by Kishore Biyani.

Earlier this month, the Mumbai-based company said no decision has been taken by its board regarding Reliance or any talks with lenders about a deal.

Future Retail operates more than 1,500 stores in India and owns several supermarket brands, including budget department and grocery chain Big Bazaar.

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