New Delhi, Aug 31 (PTI) Reliance Industries on Monday said leading legal firms Shardul Amarchand Mangaldas and Khaitan & Co helped the company in due diligence, scheme of arrangement, documentation and other aspects of the deal to acquire the retail business of Future Group.

It was also assisted by consultancy firms like Ernst & Young, Deloitte Haskins & Sells and Price Waterhouse & Co.

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Last week, billionaire Mukesh Ambani's Reliance Industries had announced the acquisition of the Kishore Biyani-led  Future Group for Rs 24,713 crore through its subsidiary Reliance Retail Ventures Ltd (RRVL).

"With reference to the announcement...Shardul Amarchand Mangaldas and Khaitan & Co acted as the legal counsels for the transaction and advised and assisted RRVL and its wholly-owned subsidiary, Reliance Retail and Fashion Lifestyle Limited (RRFLL)," it said in a BSE filing.

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Cyril Amarchand Mangaldas, being the legal advisor to RRVL for its restructuring and fund-raising activities, advised on the structuring aspects of the transaction.

"Ernst & Young LLP assisted in financial and accounting due diligence. Deloitte Haskins & Sells LLP was involved in the verification of property leases and physical verification of assets.

"Price Waterhouse & Co LLP provided the valuation report and Citigroup Global Markets India Private Limited issued the fairness opinion to the board of directors of RRVL and RRFLL," it added.         

Through the deal, Reliance will acquire Future Retail that owns the Big Bazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)