The Singapore International Arbitration Centre (SIAC) has awarded Rs 23.7 crore in damages, besides arbitration and litigation costs, to Amazon in its long-running dispute with the Kishore Biyani-led Future Group. The three-member bench of the tribunal held that Future Group had breached the terms of its contract with Amazon by entering into a transaction with Reliance.
Vivek Biyani, the nephew of retail veteran Kishore Biyani, will launch a retail chain focused on direct-to-consumer (D2C) brands under the name Broadway, along with actor Rana Daggubati, Apurva Salarpuria of Salarpuria Group and Anuj Kejriwal of Anarock Retail. This new retail format is a multi-brand outlet, which will house D2C brands under one roof. The first store is set to open in Delhi in August this year, and subsequent store launches in Hyderabad and Mumbai are slated in September 2024 and March next year, the company said in its release.
The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). The Transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT.
Sebi on Wednesday barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading in the shares of the company. Apart from Kishore Biyani, who was the CMD and promoter of Future Retail Ltd (FRL), others facing ban are Future Corporate Resources Pvt Ltd, Anil Biyani and FCRL Employee Welfare Trust. In addition, the regulator has imposed a fine of Rs 1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources. Besides, they have been asked to disgorge Rs 17.78 crore for the wrongful gains made by them.
He wants to transform his retail-led enterprise into a consumer goods giant, and reach Rs 1 lakh crore in turnover by 2021, but is that feasible?
For the fiscal ended 2021, the group has made a loss of Rs 5,943 crore on sales of Rs 11,723 crore, a drop of 66 per cent over fiscal 2020. The group's total debt was up by 7 per cent to Rs 20,742 crore.
In 2020-21, business activities were hit by the coronavirus pandemic. Biyani's annual remuneration stood at Rs 3.86 crore in 2019-20, according to Future Retail Ltd's (FRL) annual report for 2020-21. FRL's managing director Rakesh Biyani also saw his remuneration decline by 4.82 per cent to Rs 3.75 crore in the financial year ended March 31, 2021.
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
There is immense pressure on Biyani to go ahead with the RIL offer after FRL defaulted on its interest payments of Rs 100 crore on July 22.
Future Group founder and CEO Kishore Biyani on Tuesday said Amazon was fully aware of his group's talks with Reliance Industries for the sale of retail assets that followed the US giant offering no concrete help to tide over the cash crisis. Opening up after being locked in an intense legal battle with Amazon over the Rs 24,713 crore deal with Reliance, Biyani in an interview with PTI said the US giant's 2019 investment in Future Coupons Pvt Ltd (FCPL) -- Future Retail's parent -- was for coupon and gifting business only and the same could continue post-retail assets going to Reliance. He hoped to complete the deal with Reliance within two months of Sebi approval.
After a quiet April-June quarter in 2024-25 (FY25), the operational and financial performance of India's largest listed hotel company, Indian Hotels Company, clearly rebounded in the July-September quarter (Q2) of FY25. With double-digit growth in the average room rate (ARR) and higher occupancy, the Taj Hotels chain owner reported a 16 per cent revenue increase and a 30 per cent rise in operating profit.
Future Retail Ltd has said that SEBI's one-year ban on its chairman Kishore Biyani and some other promoters from the securities market will have "no impact" on the Rs 24,713 crore-deal with Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by Securities and Exchange Board of India (SEBI) on Wednesday. "The order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this order in exercise of their statutory right to appeal," Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.
With inauguration of Tumkur food park, he has ambitious plans in the segment.
Future group founder Kishore Biyani on Wednesday said the homegrown retail major lost nearly Rs 7,000 crore revenue in first three-four months of the Covid-19 pandemic due to closing of stores, which led him to sell his business to Reliance Industries.
He's betting big on small stores to help him reach 10 million households by FY21, report Abhineet Kumar and Raghavendra Kamath.
The latest trigger has been Future group's buyout talk with the retail unit of Andhra Pradesh Chief Minister Chandrababu Naidu's family-owned Heritage Foods
Taking control of manufacturing will help boost profits for the food business, but it could leave the group saddled with huge debt.
In the decade since Biyani revolutionised retailing in India, he has attempted a number of things, eventually exiting a few of them.
Biyani's comments come on the heels of the Committee of Secretaries' recommendations for opening up the multi-brand retail sector to foreign investment, with a cap of 51 per cent and a minimum investment of $100 million by overseas players.
Kishore Biyani met Jeff Bezos, the founder and CEO of Amazon, in Delhi last week and "discussed many things like the macro environment and the prime minister"
Banking sources said the debt recast is actually 'Plan B' to help the nation's largest retailer stay afloat.
Azim Premji's Rs 175-crore (Rs 1.75-billion) investment in Future Retail will help Kishore Biyani tide through crisis.
Manish Tiwary plans to take up a new role at another firm.
The country's biggest retailer is splicing and selling businesses as it strives to reduce its mountain of debts. In the long run, his operations need to generate cash flows.
With Big Bazaar Direct, the company franchisees will visit customers to take orders and the products would be delivered in three to seven days.
Retail chains may be struggling in the face of the economic slowdown, but Kishore Biyani's Future Group seems to be buoyant in the New Year, expecting to do well in the quarter ending March 2009.
Aditya Birla Nuvo to buy controlling stake in Pantaloons Stores; Biyani gets Rs 1,600-cr boost; deal to create the country's largest fashion retailer.
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Dismisses speculation that he would launch a major e-commerce initiative soon.
Customers want formats which have wide assortment, international products, and so on. Basically, it is an assortment play.
The development of the constitution of the tribunal comes at a time when the Delhi high court in December 2020 refused to restrain Amazon from interfering in Future Retail's deal with Reliance Retail by writing to statutory authorities.
these are all funded by venture capitalists and "after 2-3 rounds of funding, 80 per cent shares are gone" and then are sold to some corporate houses
Kishore Biyani-promoted Future group's venture capital arm, Future Ventures, has revived its plans to hit the capital market and will be initiating listing formalities by filing a prospectus with market regulator Sebi on Wednesday.
Besides Ezone, Future Group operates other retail formats like Pantaloons, Big Bazaar and Brand Factory.
Pantaloon Retail India managing director Kishore Biyani has won the 'International Retailer of the Year' award given by the National Retail Foundation of the US.
Future's home retailing interests, including furniture and furnishings, are housed under Praxis Home Retail, which was created in FY18 when the group demerged the business from Future Retail.
It is advisable to file your ITR right away and not rely on potential extensions.
Future Group Founder & CEO Kishore Biyani wants to take his pet theme of 'collaboration' to the next level for a greater share of the consumer's wallet.
'Big Bazaar Profit Club' hopes to build loyalty amongst customers and get better prices from suppliers. Can it succeed?
Future Retail Ltd (FRL) on Tuesday said it will explore all legal remedies to pursue its Rs 24,713-crore deal with RIL following a Delhi high court order directing status quo to be maintained till the court pronounces its order. Earlier in the day, a Delhi high court bench of Justice J R Midha directed FRL to maintain status quo in relation to its deal with Reliance Retail that has been objected to by US-based e-commerce giant, Amazon. Amazon welcomed the latest court directive.
After making handsome profits on Biba and AND, the homegrown retailer plans a string of similar investments.
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