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Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group

12Oct By PriyankaNo Comments

News

Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group

NEW DELHI, 12th October 2020: US based eCommerce giant Amazon sends a legal notice to Future Group, alleging that the retailer's $3.4 billion asset sale to Reliance Industries violated an agreement with the e-commerce giant. "We have initiated steps to enforce our contractual rights," a spokesperson for the Seattle-based e-commerce giant said. "As the matter is sub-judice, we can't provide details." In August 2019, Future Retail had informed stock exchanges that Amazon.Com NV Investment Holdings LLC would acquire 49 per cent stake in Future Coupons from their promoters, led by Kishore Biyani, for an undisclosed amount. At that time Future Coupons held 7.3 per cent stake in Future Retail. As part of the agreement, Amazon was also granted a call option, which allowed the US e-commer...

Ambani’s Reliance acquires Future Group for $3.4 billion

31Aug By AdityaNo Comments

ACQUISITION

Ambani’s Reliance acquires Future Group for $3.4 billion

New Delhi, Aug 31, 2020: Indian Billionaire Mukesh Ambani's Reliance Industries acquired Ashok Biyani led Future Group for $3.4 billion (Rs 24,713 crore) to bolster its fast growing retail business. "Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, 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 $3.4 billion," the company said in a statement. Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory. While Reliance will takeover Future Consumer Ltd, whi...

Kishore Biyani reappointed as Future Retail MD for 3 years

26Mar By Press Trust of IndiaNo Comments

News

Kishore Biyani reappointed as Future Retail MD for 3 years

NEW DELHI: Future Retail has reappointed Kishore Biyani as its managing director and Rakesh Biyani as its joint managing director for three years. The company's board in a meeting on Monday "considered and approved the re-appointment" for three years effective 2 May , Future Retail said in a BSE filing. However, this would be subject to the approval of the company's shareholders at the ensuing general meeting, it added. Future Retail is part of Future Group founded by Kishore Biyani, who is also the Group's chief executive officer. Rakesh Biyani, who has been associated with Future Group for over 23 years, leads the management in expansion of the Group's flagship formats such as Big Bazaar, Central and fbb.

Future Group to invest 1000 Crore in Food Space, Launch India Food Grid

12Jan By AnkitaNo Comments

BUSINESS

Future Group to invest 1000 Crore in Food Space, Launch India Food Grid

Chandigarh: Future Supply Chain Solutions (FSC or the Company), India’s leading third party integrated logistics service provider, is launching the INDIA FOOD GRID, a network of 38 Integrated Food Distribution Centres (IFDC) across the length and breadth of the country that will provide pan-India reach. Food & FMCG Supply Chain in India is highly inefficient and complex. It has formidable challenges in terms of inventory levels in the system, availability issues, freshness of the product, distribution cost and time to market. FSC, as a supply chain specialist, understands the existing hurdles in the supply chain process of conventional retail as well as modern stores. Based on a comprehensive study, FSC has identified 38 locations across the country, which will be developed ...

Kishore Biyani Looks for an Opportunity to Create an Indian Amazon/Alibaba

27Dec By Gauri SinghNo Comments

News

Kishore Biyani Looks for an Opportunity to Create an Indian Amazon/Alibaba

The founder of Future Group Kishore Biryani is looking forward to grab the opportunity to build an Indian Amazon or Alibaba. This has come up after the government has banned online marketplaces from selling products by companies in which they hold stakes and also curbed exclusive marketing arrangements that could influence product prices. “It’s a game-changer for us. This is not really a policy but more of a clarification and every retailer will have to adhere to it. They can’t build brands now,” said Biyani. Biyani, who’s never made a secret of his disdain for e-commerce rivals for their predatory pricing, said most online companies will have to contend with being just a marketplace that connects buyers and sellers through technology. “There was no chance we could have ...

Amazon in Talks to Buy out Kishore Biyani’s Future Group

27Nov By Gauri SinghNo Comments

ACQUISITION

Amazon in Talks to Buy out Kishore Biyani’s Future Group

Future Group’s founder Kishore Biyani is negotiating an agreement with Amazon that will offer the company the option to buy him out in the future. Both sides are drafting a call and put option in their share purchase agreement that will allow Amazon to call for Biyani’s stake in flagship Future Retail Limited (FRL) over the long term, possibly as much as 8-10 years, subject to Indian laws. FRL operates all food and grocery stores such as Big Bazaar, Easy Day and Nilgiris. Biyani and Amazon are close to finalising the first leg of their agreement wherein the Seattle-headquartered retailer will buy up to 9.5% stake in FRL through the foreign portfolio investor (FPI) route. As promoters, Biyani and his family members own 46.51% of the company, of which 40.3% is pledged as per September ...

Kishore Biyani’s Future Group Acquires Stakes In Koovs.com

5Jul By Gauri SinghNo Comments

ACQUISITION

Kishore Biyani’s Future Group Acquires Stakes In Koovs.com

Kishore Biyani-led Future Group’s subsidiary ‘Future Lifestyle Fashions’ is reportedly acquiring a considerable stake in the popular fashion retailer ‘Koovs’. The business magnate will take over 29.9 percent stake in the fashion firm for about Rs 140 crore. This particular move will make Future Group the largest stakeholder in London-listed e-commerce company Koovs. According to the reports, the fashion company will first issue 57.87 million new shares that account for a 24.8% stake to Future Lifestyle Fashions at 10 pence apiece in cash, raising around $7.6 million. In this regard, the company stated, "The board of directors of the company in its meeting held today has approved the proposal to invest an amount up to GBP 15.3 millions in one or more tranches by ...

Kishore Biyani’s Future Group to Start Door-to-Door Milk Delivery

7Jun By Gauri SinghNo Comments

BUSINESS

Kishore Biyani’s Future Group to Start Door-to-Door Milk Delivery

The Mumbai-based, Kishore Biyani owned ‘Future Group’ soon plans to begin the door-to-door delivery of dairy products like milk, eggs and bread every morning to its customers. The service will be inaugurated in the coming two weeks in the metro cities as of now, but will surely reach to other cities later. The milk delivery services have been recently observing a boost in the e-commerce sector and by the investors. The Future Group led milk delivery service can be availed simply by placing an order through a mobile app called Easyday, and the outlets will deliver the specified products within 2-3 km radius. The retail group also provides the customers with a membership-based Easyday Club where they can register at Rs 999 per year and can enjoy offers on purchases for about 10% discou...

Ajim Premji to Invest $250 Mn in Future Group, Amazon in talks with Biyani

6Jun By Lavina TolaniNo Comments

BUSINESS

Ajim Premji to Invest $250 Mn in Future Group, Amazon in talks with Biyani

Premji Invest, the family office of Wipro Head Ajim Premji is eyeing to invest $250 million in the holding company of Kishore Biyani's Future Group. According to a report published in leading daily, Premji invest can pick up 6 percent stake sale in Future Retail at a time when the market is already buzzing discussions over Amazon to pick up a 10% stake in brick and mortar retailer. Kishore Biyani's move to shore up funds has come at a time when US giant Walmart has taken a huge bet on India by investing $16 billion in homegrown e-commerce startup Flipkart valued at $21 billion. It is crucial to note that PremjiInvest had earlier bought 8 per cent stake the group's branded apparel chain in Future Lifestyle Fashions, however, it had half of its stake to private equity fund L Catterton ...

Future Group to Acquire Iraya to Compete With Rival Patanjali

30May By Gauri SinghNo Comments

BUSINESS

Future Group to Acquire Iraya to Compete With Rival Patanjali

Kishore Biyani, the founder and chief executive officer (CEO) of Future Group is eyeing to acquire the Gujarat-based Ayurveda company Iraya from Athena Life Sciences. Iraya is an ethical cosmetic brand which deals in herbal beauty and personal care products. This sector has lately seen a great success and Biyani is all set to enter it. With this acquisition, Baba Ramdev’s ayurvedic brand Patanjali should gear up to face a tough competition in the market. Similar to Patanjali, Iraya sells ayurvedic products such as ayurvedic oil, facial massage cream, neem and basil soap, hair gel, nutrifying skin food and face wash, among others. It also deals in herbal products for anti-dandruff and hair re-growth treatment. “We are in talks for acquisitions in the ayurvedic beauty space. Valuations m...

Future Group to Open 10,000 Small Stores, Aims Revenue Jump to Rs. 60 Cr

26May By Lavina TolaniNo Comments

BUSINESS

Future Group to Open 10,000 Small Stores, Aims Revenue Jump to Rs. 60 Cr

India's leading retail firm, Future Group has announced to open about 10,000 small stores as a part of its strategy to grow revenue from smaller format stores, its founder Kishore Biyani said in a statement. The company is aiming to grow revenue than ten times, to Rs 60,000 crore, from about Rs 5,000 crore at present, though the time frame for the target has not been mentioned by the firm. The mega 10,000 store target is 10 times the small outlets that Future Group runs. With an annual turnover of Rs.30,000 crore, Future Group has 1,700 stores including a combination of large and small outlets. Interestingly, the retailer is also working parallelly on its "Niligiris" outlets, a facility which will enable consumers to scan barcodes of products using mobile application following del...

Future Retail Acquires Travel News Services for Rs. 65.42 Cr

12May By Lavina TolaniNo Comments

ACQUISITION

Future Retail Acquires Travel News Services for Rs. 65.42 Cr

Future Retail Ltd has confirmed today that it has acquired Travel News Services (India) for a whopping Rs. 65.42 crore in cash to the latter's shareholders for the entire stake. Post this acquisition of entire share capital, TNSI has become a wholly owned subsidiary as informed by Future Retail Ltd in a filing to BSE. The filing said, "By virtue of said acquisition, the subsidiary companies of TNSI---TNSI Retail Pvt Ltd (TNSI Retail) and Welcome Retail Pvt Ltd (WRPL)--have also become step down subsidiaries of the company." WRPL is a joint venture of TNSI into which TNSI holds 51 percent of the share capital. Headed by Kishore Biyani, Future Retail has earlier said in January this year that it will fully acquire TNSI in a Rs. 100 crore deal, a move that would help the company t...