May 3, 2016
Kishore Biyani steps down as MD of Future Retail
May 3, 2016
Future group Chairman Kishore Biyani has resigned from the post of Managing Director of Future Retail Ltd as part of realignment of the group’s business, Future Retail said in a BSE filing.
Another Managing Director as well as Director of the company, Rakesh Biyani has also resigned as part of a restructuring to execute the merger Bharti Retail announced with the company last year. The resignations would be effective from May 1, 2016, Future Retail said.
Kishore Biyani would continue to hold office as non executive director of Future Retail Ltd, the BSE filing added.
In May last year, Future group agreed to merge its retail business with rival Bharti Retail in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains with a turnover of Rs 15,000 crore .
The two-tier deal also involved merger of their respective retail infrastructure business into Future Retail, thus, creating two separate companies — one the front-end retail and another for infrastructure activities.
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