ET Exclusive: Samara-Future signed term sheet 2 months prior to RIL deal announcement
Future Group CEO Kishore Biyani told ET in a January interview that he received no help from Amazon despite reaching out eight times to help tide over a dire financial situation, implying he had no choice but to conclude a deal with Reliance. Amazon moved the Singapore International Arbitration Centre (SIAC) against the FRL-Reliance deal.
Sales to normalise by end of January, getting orders from Jio Mart: Kishore Biyani
Future Group, which had entered into a Rs 24,713-crore dea...
With focus on tier-2 cities, Big Bazaar aims to have 300 hypermarket stores in next 3 quarters
Big Bazar has also adopted digital modes, usin...
Bharti Airtel shares jump nearly 13% a day after telco narrows Q2 loss to Rs 763 crore
India’s no. 2 telco saw its sixth straight quarterly loss after higher finance costs and a one-time charge. Revenue, though, at Rs 25,785 crore, was up 22% on-year in the July-September period, a seasonally weak quarter for the telecom sector.
Reliance Industries moves CCI for Future Group deal nod
In August, RIL announced the deal to acquire the Kishore Biyani-promoted Future Group as going concerns on a slump sale basis for Rs 24,713 crore. The sale would include key brands like Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory.
Stake sale in retail arm will help RIL to pursue growth initiatives; solidify its position: Analysts
The Silver Lake deal is the company's first divestment within the retail segment, which is currently wholly owned by RIL. With this deal, the oil-to-telecom conglomerate has now established an enterprise value for its retail segment, which sets the stage for further stake sales within the segment.
Reliance almost doubles retail footprint with acquisition of Future Group
Reliance Retail has also proposed to invest Rs 1,200 crore in FEL preferential equity (6.09% of post-merger equity of FEL) and Rs 1,600 cr in preferential warrants (option to acquire further 7.05%). The deal increases the retail store footprint of Reliance Retail Ltd, a unit of RIL, from current 28.7 million square feet to 52.5 million sq ft, consolidating its pole position, analysts said.
Kishore Biyani, a pioneer of Indian retail, man who took convenience shopping to the masses
Biyani, who started his business in 1987 by launching Manz Wear which later adopted the brand name of Pantaloon, has agreed to hand over the control of his retail empire to relatively new entrant Reliance Retail, a part of Mukesh Ambani-led Reliance Industries, in a Rs 24,713 crore deal.
RIL in talks with Future’s lenders for 30% haircut
The negotiations involve a haircut of nearly 30% on outstanding loans of more than ₹6,000 crore and refinancing part of the borrowings for a further period of 5-7 years, said one of the persons.
Indian fashion industry on the verge of collapse
The Indian garment manufacturers have received virtually no orders from domestic fashion retailers in May and June, generally a busy time for businesses for the fall season, manufacturers said.
FMCG to apparel, discounts to make a comeback soon
Deals on grocery and FMCG had evaporated days before lockdown in March last week when panic buying had started.
Coronavirus impact: Future Group may defer April salaries
In March, salaries were paid to frontline staff and middle management executives across essential and non-essential businesses. “April salaries are under discussion, but whatever the decision, frontline staff in stores across the board will be paid,” said a person in the know of developments.
Future Group negotiates rents for its 1,700 stores
The retailer is talking to individual landlords and has carved out multiple negotiation strategies. Its Big Bazaar outlets are offering a revenue share model to landlords. For the landlords not agreeable to the revenue share formula, Future group is seeking either a rent deferral or a reduced payment option and stores that are completely shut, the retailer has sought a total payment holiday.
Room with a vineyard view: When fbb Colors Femina Miss India winners holidayed at Saffron-Stays Parnakuti
The rustic yet contemporary villa offers the perfect escape to bond, unwind and get pampered.
Future Group's FBB fashions a top 10 show for FY19
Future Group’s CEO Kishore Biyani said FBB should enter the league of world’s top ten apparel retailers by selling 320-350 million pieces of garments this fiscal year.