Future Group's Chief Executive Kishore Biyani on 3 May 2016 was appointed Managing Director (MD) of Bharti Retail. The move is a part of a restructuring plan to execute the merger of Future Group with Bharti Retail, which was announced in 2015.
Biyani on 1 May 2016 had resigned from Future Retail Ltd, one of the group’s largest listed retail companies, which operates Big Bazaar and Food Bazaar. However, he will continue to hold office as non-executive director of Future Retail Ltd.
Besides, Rakesh Biyani, who is also a Director at Future Group, has also been appointed as Joint Managing Director of Bharti Retail, which will be later renamed as Future Retail Ltd and listed on stock exchanges.
In May 2015, Future Group had agreed to merge its retail business with Bharti Retail in an all-stock deal worth 750 crore rupees to create one of the biggest supermarket chains with 15000 crore rupees turnover.
About Bharti Retail
• Bharti Retail is a wholly owned subsidiary of Bharti Enterprises.
• Bharti Retail operates a chain of multiple format stores. The company’s neighbourhood format stores operate under the Easyday brand.
• Recently, the company has become more involved in the food economic sectors, with a joint partnership in the agricultural company FieldFresh.
• Future Group, that owns and operate Big Bazaar, combined retail operations with Easyday in May 2015. The merger has created one of India's biggest retail chains with more than 570 stores in 243 cities in India.
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Who: Kishore Biyani
When: 3 May 2016