After selling his business to Reliance Retail, Kishore Biyani, an activist of Future Group, made a public statement about it for the first time. Biyani said that his retail stores were closed due to coronavirus infection and he lost revenue of Rs 7000 crore in just four months. In such a situation, he had no choice but to sell his business to Reliance Retail.
We are achieving our goal
Biyani said, “We had no money left to protect our business from selling. Because rent and interest have to be paid to you every month. The growth, investment and the company through us Is the acquisition. The goals that should have been achieved were not met. All barriers were gathered during the coronavirus infection. “
Getting into huge debt proved to be a problem
Biyani is said to be the father of organized retail in India. He built a large retail empire through Big Bazaar, Central and Brand Factory stores. But gradually the debt burden of his group companies got subdued. Due to its huge size, the Future Group was caught in a huge expenditure of Rs 12,989 crore. This forced the group’s promoter Kishore Biyani to mortgage all his shares. Recently, Reliance Retail Venture Ltd, a Reliance Industries group company, bought the retail, wholesale logistics and storage business of Future Group for a lump sum of Rs 24,713 crore.
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