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Kishore Biyani steps down as MD of Future Retail

03-May-2016
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Kishore Biyani steps down as MD of Future Retail

Future group Chairman Kishore Biyani has resigned as Managing Director of Future Retail Ltd in view  of the realignment of the group’s business.

It must be mentioned that in May 2015, 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. 

As per the deal, both the companies had proposed a demerger of the retail business of Future Retail to Bharti Retail and separation of the infrastructure business of Bharti Retail into Future Retail. 

However, Biyani would continue to hold office as non executive director of Future Retail Ltd.
 

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