NSE seeks details on reported Aditya Birla and Future Group merger talks

Aditya Birla MoreThe NSE today has sought clarification from Aditya Birla Fashion and Retail (ABRL) on whether any negotiations for merger has taken place with Kishore Biyani’s Future Group.

The exhange’s request for clarification has come after a report in the Economic Times.

The report said that Biyani’s Future Group was in early discussion with ABRL to buy or merge the Aditya Birla’s “More” supermarket business.

The report further added that the move was proposed to consolidate its leadership in the brick-and-mortar retail sector and to build a large network of stores that could be leveraged in alliance with ecommerce companies for multi-channel sale of food and groceries.

While the discussions were still exploratory, the Future Group is preparing to conduct a due diligence exercise for a possible merger or acquisition,official of one of the companies was quoted saying, said the report.

It will be Future Group’s fourth acquisition of food and grocery chain in less than five years the report further added.

ABRL’s response is awaited.