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Kishore Biyani Lauded Amazon Deal, Help Future Group on Payment Side

27Aug By AdityaNo Comments

Entrepreneurs Talk

Kishore Biyani Lauded Amazon Deal, Help Future Group on Payment Side

Future Group founder Kishore Biyani has said global e-commerce giant Amazon's investment in the firm is not just to raise money but also to become a part of the ecosystem. The company recently announced Amazon picking up a full 49 percent stake in Future Coupons, the promoter entity of Future Retail, with an option to acquire the entire stake later. Future Coupons currently does not own a stake in Future Retail but had recently subscribed to convertible warrants for Rs 2,000 crore. "We had subscription warrants of our company and we had to raise money, so the deal was struck. Moreover, the investment by Amazon is strategic to become a part of the ecosystem," Biyani said here late Monday evening. He said the deal is basically aimed at enhancing the payments portfolio of both th...

Amazon to Take up Stake in Kishore Biyani’s Future Retail

18Oct By Gauri SinghNo Comments

ACQUISITION

Amazon to Take up Stake in Kishore Biyani’s Future Retail

The e-commerce giant Amazon is all set to acquire a stake of just under 10% in Kishore Biyani-led Future Retail. The deal is likely to be approved by the latter’s board on October 29. The retail major is expected to pick up shares through the foreign portfolio investors route at a hefty premium to the prevailing share price for gaining business exclusivity and future shareholding rights. Future Retail shares ended 14% higher at Rs 494 apiece after television channels stated that Amazon was going to buy a 7-8% stake in the India-based company. Future Retail that operates Big Bazaar and Easy Day supermarkets would reach Rs 25,000-crore market value after this deal. Amazon’s investment has strategic underpinnings and could evolve alongside regulatory and business developments. The Se...

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...

Kishore Biyani Resigns as Managing Director of Future Retail

3May By Press Trust of IndiaNo Comments

News

Kishore Biyani Resigns as Managing Director of Future Retail

New Delhi: In the latest, Kishore Biyani, Future group chairman stepped down from the position of Managing Director of Future Retail. The decision is part of the realignment strategy of the group's business. The resignations would be effective from May 1, 2016, Future Retail said in a BSE filing. ALSO READ: Kishore Biyani Acquires FabFurnish.com; Eyes Expansion in 100 cities Besides, Rakesh Biyani has also resigned from the post of Joint Managing Director as well as Director of the company as part of a restructuring to execute the merger Bharti Retail with the company announced last year. However, Kishore Biyani would continue to hold office as non-executive director of Future Retail Ltd, it added.