<p>Shares of India's Future Retail Ltd jumped almost five percent 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.</p>.<p>"(Reliance and Future) have ironed out their differences over certain terms and conditions and a deal will be announced soon," the <em>Times of India</em> newspaper <a href="https://timesofindia.indiatimes.com/business/india-business/ril-inches-closer-to-buying-future-groups-retail-biz/articleshow/77188316.cms" target="_blank">reported</a>, citing people familiar with the negotiations.</p>.<p>Reliance and Future Group did not immediately respond to a Reuters request for comment.</p>.<p>Shares of Future Retail rose as much as five percent to 100.20 rupees, hitting a so-called upper circuit, and were trading up 4.6 percent by 04:55 GMT.</p>.<p><em>Bloomberg News</em> had <a href="https://www.bloomberg.com/news/articles/2020-06-18/ambani-said-to-near-deal-to-buy-stake-in-amazon-s-india-partner" target="_blank">reported</a> 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.</p>.<p><strong>READ: <a href="https://www.deccanherald.com/business/business-news/amazon-future-group-in-talks-over-future-retail-stake-sale-834896.html" target="_blank">Amazon, Future Group in talks over Future Retail stake sale</a></strong></p>.<p>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.</p>.<p>Future Retail operates more than 1,500 stores in India and owns several supermarket brands, including budget department and grocery chain Big Bazaar.</p>
<p>Shares of India's Future Retail Ltd jumped almost five percent 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.</p>.<p>"(Reliance and Future) have ironed out their differences over certain terms and conditions and a deal will be announced soon," the <em>Times of India</em> newspaper <a href="https://timesofindia.indiatimes.com/business/india-business/ril-inches-closer-to-buying-future-groups-retail-biz/articleshow/77188316.cms" target="_blank">reported</a>, citing people familiar with the negotiations.</p>.<p>Reliance and Future Group did not immediately respond to a Reuters request for comment.</p>.<p>Shares of Future Retail rose as much as five percent to 100.20 rupees, hitting a so-called upper circuit, and were trading up 4.6 percent by 04:55 GMT.</p>.<p><em>Bloomberg News</em> had <a href="https://www.bloomberg.com/news/articles/2020-06-18/ambani-said-to-near-deal-to-buy-stake-in-amazon-s-india-partner" target="_blank">reported</a> 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.</p>.<p><strong>READ: <a href="https://www.deccanherald.com/business/business-news/amazon-future-group-in-talks-over-future-retail-stake-sale-834896.html" target="_blank">Amazon, Future Group in talks over Future Retail stake sale</a></strong></p>.<p>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.</p>.<p>Future Retail operates more than 1,500 stores in India and owns several supermarket brands, including budget department and grocery chain Big Bazaar.</p>