Tuesday, 3 May 2016

Kishore Biyani steps down as Managing Director of Future Retail

MUMBAI: Future Group Chairman Kishore Biyani has stepped down as managing director of Future Retail as part of its restructuring with Bharti Retail that it acquired a year ago. 

As per the deal announced in May last year, both the companies had proposed a demerger of the retail business of Future Retail to Bharti Retail and separation of the infrastructure business of Bharti Retail into Future Retail. 

Future Group will have two entities — one that will own all retail formats, including Big Bazaar, Easy-Day, eZone and HomeTown under Future Retail which is already listed, and Future Enterprises that will house all the backend operations, logitics business and non-core assets. 

Biyani would continue to hold office as a non-executive director of Future Retail, the company said in a statement to the Bombay Stock Exchange. 

Under the deal annonced in May last year, the Future Group agreed to merge its retail business with Bharti Retail in a Rs 750 crore all-stock deal to create one of the biggest supermarket chains, with a Rs 15,000 crore turnover. Bharti Retail will get 9% each in both these companies and will also hold ordinary convertible debentures worth Rs 250 crore.

Sun Capital

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