03 May 2022, Mumbai:
Biyani plans to sell some assets, and repay debt partly.
Future group promoter Kishore Biyani is plotting a comeback in the retail space by selling some assets and repaying part of debt even as his flagship company future retail (FRL) faces bankruptcy proceedings in the wake of the rupees 25,000 crores Future-Reliance deal falling through.
ALSO READ Future of Future Group?
Plotting a comeback
Future group promoter Kishore Biyani is out of the anti-compete clause after RIL called off the deal.
The clause barred him and his family members from re-entering retail space for 15 years
After RIL has taken control of over 800 stores, left with 250 stores, which he plans to revive, say sources.
RELEVANT NEWS Reliance Retail takes over Future Group stores
The group plans to sell ALL chain for around rupees 1000 crore. The sale of the Cover Story brand may generate around Rs 250 crores.
The remaining companies' future consumers which own brands such as Food park, CareMate, and Desi Aata, and the group's logistics arm Future Supply Chain have a combined debt of around Rs 1700 crores.
Join our community on Linkedin
CREDITS: ET Dt 03-05-2022 (The news article has not been edited by DFU Publications staff).
