Flipkart founder Sachin Bansal founded Navi Technologies (formerly BAC Acquisitions) after his exit from the e-commerce major
Burdened by debt, the Future Group founder and CEO had to sell the business he painstakingly built over three decades to Mukesh Ambani’s Reliance Retail. But those who know Kishore Biyani say it won’t be long before he’s back again and making waves in the retail space
With this deal, Future brings on table Big Bazaar, Fashion at Big Bazaar, Easy Day and Brand Factory. The deal is likely to provide Reliance Retail an additional store strength of around 18,000 across grocery and lifestyle segments.
Reliance Retail will get the benefit of economies of scale. The products can be bought in large quantities and sold at competitive prices, and would see further improvement in margins due to improving scale.
Biyani was looking for a knight in shining armour, went pillar to post for selling his beleaguered businesses. He held marathon meetings with potential suitors who could bail him out.
Mukesh Ambani company emerges as white knight and averts collapse of vast retail group built by Kishore Biyani over three decades.
India’s original retail king survived several close calls in business in the past. But this time, he may finally lose the Future group, which he has built up over two decades
Moneycontrol's Sakshi Batra does a 3-point analysis to understand the financial health of Kishore Biyani-led Future Retail after averting the default
Future Retail Ltd missed paying $14 million (approx Rs 105 crore) interest due on its offshore bonds worth $500 million due in 2025.
The listed entity, which counts consumer focused private equity firm L Catterton Asia, Azim Premji's investment arm Premji Invest and the world's largest alternative asset manager Blackstone among its investors, has been hit hard by store closures due to the extended nationwide lockdown.
Recently, the Future Group had announced plans to exit its insurance joint ventures. These moves are part of the group's efforts to sell non-core assets to repay loans to banks and redeem shares pledged with other lenders.
Fitch Ratings also assigned FRL a Long-Term Issuer Default Rating
Stocks of Future Group's listed entities plunged over the past month, due to fears over the outbreak's economic impact.
The board of directors of the company at its meeting held on Thursday also approved an enabling resolution to raise Rs 400 crore through issue of of non-convertible debentures (NCDs) or other securities on private placement basis in one or more tranches within a period of one year, Future Lifestyle Fashions Ltd (FLFL) said in a regulatory filing.
The e-commerce platform is likely to tap the group's strong physical store network for its Amazon Now project
The company's board in a meeting on Monday "considered and approved the re-appointment" for three years effective May 2, Future Retail said in a BSE filing.
Biyani also admitted that the retail major missed the opportunity in the online space.
Indian consumers are not accustomed to round the clock shopping, except in a few locations. Many states don’t allow it either. Since this forms the cornerstone of 7-Eleven’s business model, is it making a mistake?
While online marketplaces will have to go back to the drawing board, the move could provide a window of opportunity for brick-and-mortar stores.
Amazon and Future Group are in the final stages of their deal wherein the Jeff Bezos-led company will acquire 9.5 percent stake in FRL as a foreign portfolio investor
Currently, there are 5 million plus registered users on Future Pay.
With a stake in Future Retail, Amazon will have the advantage of being well-spread across India which Walmart does not have right now
At the two-day conclave of India Retail Forum 2018 held on Sep 5 & 6, experts across the spectrum deliberated on the affluence index and retail potential in the country
The underlying theme of this development underscores the importance of having the right blend of brick-and-mortar and online presence in a business where margins, more often than not, can be very thin.
The joint venture will be called Fonterra Future Dairy Partners