Reliance to walk away with 947 stores despite Future deal being called off

Despite calling off the deal with Future Retail, Reliance Industries still walks away with 947 small and large format store premium that were once occupied by Future Retail stores. According to sources close to Reliance, the lenders’ decision to vote against the ₹ 24,713-crore deal with Future Retail will have no impact on the move … Read more

Future rejects Amazon’s opposition over shareholders’ meeting on sale of assets

Kishore Biyani-led Future Retail Ltd (FRL) on Friday said the meetings of its shareholders and creditors next week to consider and approve the sale of its retail assets to billionaire Mukesh Ambani’s Reliance Retail are in compliance with the directions issued by the NCLT. Earlier this week, e-commerce major Amazon, which is contesting the Rs … Read more

Bank of India drags Future Retail to NCLT, files insolvency plea

Bank of India has filed a petition to initiate insolvency proceedings against debt-ridden Future Retail Ltd at the National Company Law Tribunal (NCLT). Earlier in April, Future Retail had reported a default of Rs 5,322.32 crore to its lenders over ongoing litigations with e-commerce giant Amazon and other related issues. “Bank of India (BoI) has … Read more

For Rs 1,400 crore, Amazon has destroyed a Rs 26,000-crore company: Future to SC

Opposing Amazon’s plea to restrain Future Retail (FRL) from further alienating its stores, the Kishore Biyani firm on Friday told the Supreme Court that the e-commerce company “wanted to destroy us, and it succeeded”. FRL told a Bench led by Chief Justice NV Ramana that “for Rs 1,400 crore (the Amazon-Future deal), Amazon has destroyed … Read more

Future Retails CEO Sadashiv Nayak resigns amid legal battle, debt recovery

Future Retail’s chief executive Sadashiv Nayak has resigned, the company said on Thursday, without citing any reasons, just over seven months after he took the helm at one of India’s largest retailers. Nayak has been with Future Group for around 18 years and had been appointed chief executive in late August. He previously headed Big … Read more

Future Retail to scale down operations to reduce losses

Future Retail, which is caught up in a legal battle with Amazon, on Saturday said it is scaling down its operations to reduce its losses in the coming months. “The company has been finding it difficult to finance the working capital needs. Increasing losses at store level is a grave concern and is a vicious … Read more