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Ambani versus Bezos: Who’s winning the battle for India’s $700 billion retail industry
India’s retail industry has become a racetrack for two of the world’s wealthiest men—and one might well be close to the finish line.
On Aug. 29, Reliance Retail Ventures, owned by Asia’s richest man Mukesh Ambani, said it will acquire the retail, wholesale, logistics, and warehousing operations of India’s leading brick-and-mortar retailer Future Group for Rs24,713 crore ($3.4 billion). The deal gives Reliance Retail access to around 1,800 stores of Future Group’s popular brands Big Bazaar, FBB, EasyDay, Central, and Foodhall.
With this deal, Ambani has taken a giant leap in the retail sector, leaving behind all domestic and international rivals, including Amazon, led by the world’s richest man Jeff Bezos.