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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
With its deal to acquire Future Retail called off, Reliance is stuck with empty stores, freshly hired personnel, over Rs 3,000 crore in liabilities and shattered dreams.
Editor's note: The 18-month battle over the biggest merger and acquisition in India’s modern retail came to an abrupt end last Saturday and the optics suggest that Reliance Industries Ltd has emerged as the only winner in the entire saga. Future Retail Ltd, the flagship of the Kishore Biyani-promoted Future Group, which Reliance made a bid to acquire along with other assets in September 2020 for Rs 24,713 crore, is a step closer to being declared bankrupt. The world’s largest e-commerce player Amazon will also stand to lose the Rs 1,431 crore it invested in the group in 2019. The creditors, mostly public sector banks, face the prospect of having to take a big haircut on the Rs 21,000 crore owed to them, while Future Retail’s employees and shareholders will get next to nothing. Reliance, on the other hand, has already surreptitiously acquired over 900 of Future’s stores, hired many of its employees and plans to rebuild the business without actually paying a dime for it. In fact, it was Reliance that drew the curtains on the 2020 deal, saying it “cannot …
With its deal to acquire Future Retail called off, Reliance is stuck with empty stores, freshly hired personnel, over Rs 3,000 crore in liabilities and shattered dreams.
Editor's note: The 18-month battle over the biggest merger and acquisition in India’s modern retail came to an abrupt end last Saturday and the optics suggest that Reliance Industries Ltd has emerged as the only winner in the entire saga. Future Retail Ltd, the flagship of the Kishore Biyani-promoted Future Group, which Reliance made a bid to acquire along with other assets in September 2020 for Rs 24,713 crore, is a step closer to being declared bankrupt. The world’s largest e-commerce player Amazon will also stand to lose the Rs 1,431 crore it invested in the group in 2019. The creditors, mostly public sector banks, face the prospect of having to take a big haircut on the Rs 21,000 crore owed to them, while Future Retail’s employees and shareholders will get next to nothing. Reliance, on the other hand, has already surreptitiously acquired over 900 of Future’s stores, hired many of its employees and plans to rebuild the business without actually paying a dime for it. In fact, it was Reliance that drew the curtains on the 2020 deal, saying it “cannot …
After building and then losing India’s biggest retail empire, Kishore Biyani and family are now scripting a discreet retail comeback with departmental store Broadway. Can they get the economics right this time around?
Brands are struggling amid plunging prices of lab-grown diamonds, poor margins, intense competition, shaky global demand and a domestic market where tradition continues to shape buying decisions.
After 19 investment rounds and over $2.1 billion raised, the kirana supply startup’s investors seem to finally be in the mood to collect their dues. What happens next?
After building and then losing India’s biggest retail empire, Kishore Biyani and family are now scripting a discreet retail comeback with departmental store Broadway. Can they get the economics right this time around?
Brands are struggling amid plunging prices of lab-grown diamonds, poor margins, intense competition, shaky global demand and a domestic market where tradition continues to shape buying decisions.
After 19 investment rounds and over $2.1 billion raised, the kirana supply startup’s investors seem to finally be in the mood to collect their dues. What happens next?
