Future Enterprises appoints C P Toshniwal as additional director
Future Group’s Future Enterprises has appointed C P Toshniwal as additional director of the business following a board meeting on March 31.
Kishore Biyani’s business’ new internal appointment assumes his role at a time when the company is in the midst of its planned deal with Reliance Retail, the Press Trust of India reported. The business reported in a regulatory filing that board members approved the appointment on Wednesday.
Toshniwal first joined Future Group in May 1997 and has a long history at the business. As a qualified chartered accountant and company secretary, Toshniwal will bring this experience into his new role.
Mukesh Ambani’s business Reliance Retail plans to acquire Future Group’s retail and wholesale business in a deal valued at Rs 24,713 crore ($3.71 billion). The businesses announced the deal back in August last year but, following numerous legal challenges to proceedings by US business Amazon, Reliance Industries Limited and Future Group are awaiting approval from the National Company Law Tribunal.
If the RIL-Future Group deal is approved by the necessary authorities, all of Future Group’s entities would merge into Future Enterprises Ltd and would subsequently be transferred to RIL's retail arm through a sale. This would give RIL a significant market share in numerous retail categories.
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