Why is Future Group being sold?

Why is Future Group being sold?

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.

Is Big Bazaar sold to Mukesh Ambani?

Mukesh Ambani buys Big Bazaar: Future Group’s retail, wholesale, logistic biz sold to Reliance Retail.

Is Big Bazaar failing?

But experts say the real reason for failure of ventures such as Big Bazaar Direct is the lack of a clear differentiator in a crowded market. “There are already quite a few players operating in the e-commerce space.

Is Big Bazaar part of future retail?

Amazon-Future Retail MUMBAI: Amazon has agreed to acquire an indirect minority stake in Future Retail, the operator of Big Bazaar and EasyDay chains, ahead of an option to buy all or part of the promoters’ holding in the company after three years.

Who is going to buy Future Group?

Reliance Industries
Reliance Retail Ventures (RRVL), the retail arm of Reliance Industries, has for the second time extended the timeline for completing its Rs 24,713-crore deal with the Future group, to March 31, 2022, as it awaits regulatory and judicial clearances.

Who is running Big Bazaar now?

Kishore Biyani and sgn is an Indian businessman who is the Founder & CEO of Future Group, one of India’s biggest brick-and-mortar retailers. He is also the founder of retail businesses such as Pantaloon Retail and Big Bazaar.

Is Big Bazaar from Future Group?

Future Retail, part of Future Group, operates large formats under Big Bazaar, fbb Fashion at Big Bazaar, Hypercity, Foodhall as well as small store formats like Easyday, Heritage, Nilgiris in the country.

Is reliance buying future group’s Big Bazaar?

Reliance Is Buying Big Bazaar, Future Group’s Retail Business To Become India’s #1 Retailer; Rs 27,000 Crore Is The Deal Size At the start of July, we brought a very interesting story to you, regarding the talks of Mukesh Ambani’s Reliance Industries (RIL) to acquire Kishore Biyani’s Future Group.

Is Mukesh Ambani’s RIL-future group deal at last stage?

The deal between RIL and Future Group are reportedly at its final stage. As per the deal, Mukesh Ambani’s RIL will have a controlling stake in the retail businesses of Kishore Biyani’s Future Group.

Who owns Big Bazaar and Foodhall?

Owned by India’s “father of modern retailing”, Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores FoodHall, and bargain clothing chain Brand Factory. A series of media reports have said the two were nearing agreement on the deal.

What does Reliance’s acquisition of Future Group mean for Biyani Mukherjee?

These three entities will be merged into one. Speaking of Biyani, he will be left over with control of Future Group’s FMCG business and some other smaller group companies. This deal and acquisition will prove to be a big deal for Reliance Industries.