Future Retail has more than 1700 stores across the country
Kishore Biyani, who laid the foundation of retail in the country, is now nearing the end of his retail journey. It is reported that the retail business of Mukesh Ambani’s Reliance Industries Kishore Biyani’s Future Group is worth Rs. 24 to 27 thousand crores. The deal is expected to be completed by the end of this month. The deal will see Mukesh Ambani emerge as the one-sided king in the retail sector as his retail company is already in the sector.
These companies may merge
According to reports, Future Group will merge with Future Retail Limited, Future Consumer, Future Lifestyle Fashion, Future Supply Chain, and Future Market Network Future Enterprise Limited before selling its retail business. Future Group will be owned by Mukesh Ambani.
Ambani owns Big Bazaar, a brand factory
As part of the deal, Future Group’s listed companies will range from Big Bazaar, Foodhall, Eucalyptus, FBB, Central, Heritage Foods, and Brand Factory to Grocery Retail Format, Garment Brand Lee Cooper and All Bearing Reliance.
Future Group is in dire need of cash
Due to the big market, Future Group’s turnover is Rs. 9,000 crore. In 2017, Biyani was included in the list of India’s top 100 richest people. However, everything changed over time and by the end of 2019, Future Retail’s profits were down 15% and revenue was down 3%. Corona did more damage to Biyani’s business.
Biyani’s holding company defaulted
Biyani’s holding company defaulted on the loan. This was followed by a deal with Reliance earlier this year. Earlier, Kishore Biyani had also discussed with other potential investors. Amazon of America also expressed interest in investing in Future Group. The issue of Biyani’s debt was settled with a deal with RIL.
Beanie’s business dates back to the 1980s
Future Retail Group has been active in the retail business since the late 1980s. It was during this time that the group set up an organized retail business. In 1991, Kishore Biyani renamed the company Pantaloon Fashion Limited. In 2001, Big Bazaar stores opened across the country.
