Billionaire Mukesh Ambani’s Reliance Industries Ltd on Saturday announced the acquisition of Future Group businesses for Rs 24,713 crore to add to its fast-expanding retail business and bolster e-commerce capabilities to take on competition from Amazon.com.

“Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of INR 24,713 crore,” the company said in a statement.