According to a report, billionaire Mukesh Ambani's Reliance Industries on Saturday announce the obtainment of the Future Group for Rs 24,713 crore. "Reliance Retail Ventures Ltd (RRVL), will acquire the retail and wholesale business and the logistic and warehousing business from Future Group for slum sum aggregate consideration of INR 24,713 crore, " company said in the statement.

Reliance will acquire Future Retail that owns the Big Bazaar that sells everything from groceries to cosmetics and Future lifestyle fashion Ltd. While Reliance will take over Future Ltd, which sells food, personal care products etc. Future is a good fit in Reliance's that help it expand its offline retail presence and would see further improvement in margins.

While Ambani's firm has bought out all of the promoter stakes in Future Retail and Future Lifestyle Fashions, it was not immediately clear what happens to Amazon's holding in the Future.

Retail contributes about a fourth of RIL's revenue. Future retail operates 1,550 stores includes Big Bazaar, FBB, Easyday, Heritage fresh and WHSmith. The deal may, however, risk Future' tie-up with US online shopping ain't Amazon.

Future Lifestyle Fashion operates 354 stores. Investment form Reliance, India's most valuable company, would help Future's founder Kishore Biyani.