Future Retail Firm: Adani, Ambani are one of 49 buyers who have expressed interest in purchasing Future Retail. Big Bazaar is home to 835 Reliance Group outlets.
The deeply indebted Big Bazaar's Future Retail company is once more available for purchase. The race to purchase it has attracted large giants. Jindal Group and 46 other businesses, including Mukesh Ambani and Gautam Adani, have submitted proposals to purchase it. The competition will be intriguing with Adani-Ambani entering the race to acquire Kishore Biyani-led Future Retail.
Following the release of this piece of information, the company's shares increased on Monday, rising 4.17 per cent to Rs 2.40.
A year after taking over Future Retail's 835 stores nationwide, Reliance Group still has a minor chunk open for grabs. 49 new bidders have submitted applications, according to the business. These Big Bazaar stores were purchased by Mukesh Ambani's company in February 2022, and they have since been transformed into smart stores.
Who is Kishore Biyani?
Kishore Biyani, the founder and CEO of the parent organisation, the Future Group, founded Big Bazaar in 2001. Kishore Biyani holds the position of Non-Executive Vice Chairman of the Company's Board. He serves as the Group CEO of the Future Group and the Managing Director of Future Retail Ltd. The collective consists of the convenience store chain EasyDay, the food retailer Food Hall and the hypermarket brand Big Bazaar.
Rise of Kishore Biyani
With the opening of the Pantaloons family store in 1997, Kishore Biyani oversaw the company's entry into organised retail. The advent of Big Bazaar, an exclusively Indian hypermarket model, which democratised shopping in India, came next in 2001.
Kishore Biyani receives a total salary of Rs 7,548,660 as the Non-Executive Vice Chairman of the Board of Future Lifestyle Fashions.
What went wrong with Big Bazaar?
Big Bazaar's battle with debts gained attention starting in 2017, and by 2019, many of its outlets had been shut down. In 2020, there was a pandemic epidemic, which destroyed even Big Bazaar's sales. Future Group eventually sold Big Bazaar to Reliance Industries as a result.
After once being the second largest retail store in the country, today the Future Group is in huge debt. There is a debt of 21 thousand crore rupees from different debtors. Last year, Reliance had managed to take possession of 835 stores, accumulating an outstanding rent of Rs 4,800 crore.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Representational Image")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}