TIL Desk/Business/Mumbai/ Reliance Retail Ventures, the retail arm of Reliance Industries, has extended the timeline for six months to complete its Rs 24,713 crore deal with Kishore Biyani-led future group to buy its retail and wholesale business. Reliance Retail Ventures Ltd (RRVL) has extended the timeline for the “Long Stop Date” from March 31, 2021 to September 30, 2021, said a regulatory filing by Future Retail.
“Pursuant to the provisions of scheme and other transaction documents executed in relation thereto, RRVL has in exercise of the right provided thereunder, extended the timeline for ‘Long Stop Date’ from March 31, 2021 to September 30, 2021 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle Limited, wholly-owned subsidiary of RRVL,” it said.
Long Stop, an established practice in mergers and acquisition transaction, is a timeframe in which parties agree on which all the conditions precedent for a transaction need to be fulfilled and the transaction completed. The deal, which is contested by Amazon, is facing legal hurdles and a decision from the Supreme Court is pending over the petition filed by the e-commerce major.
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