Future group News

His tale illustrates how those ideas took off because he was quick to conceptualise them. Kishore is the creator of businesses like Future Group, Big Bazaar, and Pantaloon Retail.

Senior counsel Gopal Subramaniam, representing Amazon, submitted before the appellate tribunal that the jurisdiction and statutory authority of CCI are in question in the appeal filed by the company. Form II pertains to submission of summary of a proposed combination. While listing the matter for Monday, NCLAT also said that it would try to commence day-to-day hearing in the matter.

Amazon said the transaction envisaged in the Samara Term Sheet would ensure availability of funds in FRL at the earliest. Future and Amazon have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group. Earlier this month, Future Retail had said it had missed the due date for payment of Rs 3,494.56 crore to banks and lenders.

Future Retail had last year entered into a one-time restructuring scheme for COVID-19 hit companies with a consortium of banks and lenders. The company was to cough "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. There were 28 banks, which have lent money to the group's retailing firm.

Amazon received a summons issued by India`s Enforcement Directorate in connection with the Future Group. The deal is at the heart of ongoing legal disputes between the two firms. At least two Amazon India executives, including its legal head, have also been summoned.

Future has submitted a copy of the show-cause by CCI on Thursday to the Supreme Court. Deals beyond a certain threshold require approval from the CCI. The CCI had sent a notice to Amazon on June 4.

The group is also looking to open 15 stores in the current fiscal year so that the total stores will be 50 by the end of this year, Biyani said at the launch of a Central store here which houses Biswa Bangla products.

UK's home furnishing brand Laura Ashley will enter India through a licensing deal with the Kishore Biyani-led Future Retail.

Future Group CEO Kishore Biyani and other retailers on Thursday demanded a level-playing field for brick-and-mortar stores vis-a-vis e-commerce players.

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Home-grown retail major Future Group today said it is open for selling ayurvedic FMCG products of Sri Sri Ayurveda promoted by Sri Sri Ravi Shankar of Art of Living, as it has done with the range of products of Baba Ramdev-led Patanjali Ayurveda.

Competition Commission has cleared the proposed Rs 750-crore multi-tier merger deal between Future Group and Bharti Retail.

E-commerce giant Flipkart today announced a strategic partnership with three of the country's largest home retail brands--Home Town (Future group), HomeStop (Shoppers Stop) and @Home.

In a two-tier deal announced Monday, Future Retail will demerge its retail business to be merged into Bharti Retail, while Bharti's retail infrastructure business will also undergo a similar process to be merged into Future Retail.

The board of Future Retail, at its meeting held on Monday, approved the demerger of retail business of Future Retail and merge it into Bharti Retail, Future Retail said in a filing to the BSE.

Homegrown Future Group has decided to merge its retail business with Bharti Retail.

A multi-structured deal on the basis of share swap is being worked out between the two partners, post which Kishore Biyani-led Future Group will become the majority partner, according to sources.