Founded in 2001, Big Bazaar is one of the oldest and largest hypermarket chains of India, housing about 300+ stores in over 120 cities and towns across the country. In February 2022, Reliance Industries took control of over 200 Future group stores and rebranded Big Bazaar as Reliance's Smart Bazaar Stores.
“Instead of taking over Future Retail, Reliance is doing this as a real estate play because retail is all about location and store space. Over 400 such Big Bazaar stores will be rebranded as Reliance Retail. Reliance will re-employ Future Retail staff working at these locations,” said a source.
Leadership Team – Future Retail. Kishore Biyani is the founder and Group CEO of Future Group. Widely credited as the pioneer of modern retail industry in India, Kishore Biyani is a mentor and role model for many Indian entrepreneurs and a thought leader in Indian business.
The company took on loans and debts to fund the expansion, ultimately leading to the inability to pay off debts even after selling off assets. The COVID-19 pandemic and legal disputes with Amazon further contributed to their downfall. The future of Big Bazaar and the Future Group remains uncertain.
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What happened to Future Group and Big Bazaar?
The Future Group founder said that they sold the company to Reliance but Amazon, because of their investment in the company, thought “they (Future Group) were not doing right”. “That went into a legal dispute and didn't allow the deal to consummate.
You can buy Future Retail Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Future Retail Ltd Share.
Future Retail, the debt-ridden company once owned by Kishore Biyani-led Future Group, is now facing liquidation as its lenders could not find a suitable buyer. The Committee of Creditors rejected the only resolution plan submitted by Space Mantra, leading to the company's RP filing for liquidation.
These Big Bazaar stores were purchased by Mukesh Ambani's company in February 2022, and they have since been transformed into smart stores. Who is Kishore Biyani? Kishore Biyani, the founder and CEO of the parent organisation, the Future Group, founded Big Bazaar in 2001.
Criticism and controversies. The company has attracted controversy for reports of political corruption, cronyism, fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources. The chairman of Reliance Industries, Mukesh Ambani, has been described as a plutocrat.
Citing unpaid payments by Future, Reliance has taken control of operations of some 200 Big Bazaar stores and has plans to seize another 250 of Future's retail outlets. Combined, they represent the crown jewels of Future's retail network and around a third of all Future outlets.
After most of the Future Retail-owned Big Bazaar outlets were taken over by Reliance Retail after it failed to honour its payment obligations, customers are facing a dilemma about the validity of the vouchers they hold.
Big Bazaar has been shut down due to the financial crunch and lack of funding the owner of the company could not run the store anymore, But now Reliance Will Rebrand 200 Big Bazaar(Smart Bazaar) Outlets & Run Operations.
Kishore Biyani withdraws resignation from FRL's suspended board as Chairman, Director. Earlier this week, the RP of FRL filed an application before the National Company Law Tribunal (NCLT) against the former and present directors of the company for causing a loss of Rs 14,809.44 crore to creditors.
Insolvency proceedings were initiated against Future Retail by State Bank of india, which filed for this last year in April for non payment of dues, the company was then admitted into debt resolution under IBC in October 2022.
Future Retail heads for liquidation as lenders fail to get suitable buyer. Last month FRL had informed that Rs 550 crore bid submitted by Space Mantra for FRL, failed to get the required number of votes in the e-voting process of the CoC.
Synopsis. Future Retail confirmed the insolvency professional's move to initiate the liquidation process. The application for liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016, was filed with the National Company Law Tribunal (NCLT), Mumbai bench, on November 9.
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Simply place an order with your broker, specifying the details of the contract like the Scrip , expiry month, contract size, and so on. Once you do this, hand over the margin money to the broker, who will then get in touch with the exchange.
