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New Delhi, Nov 29 () Shares of <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> companies rallied in early trade on Friday after the CCI approved Amazon.com NV <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">Investment</keyword> Holdings' proposal to acquire about 49 per cent share in Future Coupons. Future Enterprises was trading 18.96 per cent up at Rs 26.35 on the BSE. Future Consumer hit a high of Rs 27.90, up 10.06 per cent. It gained as much as 14.79 per cent in early trade.
 Future Retail surged nearly 18.22 per cent to Rs 387.90. After shedding some gains, it was trading 13.61 per cent up at Rs 372.75.
 Shares of Future Lifetsyle Fashions rose 5.45 per cent to Rs 428.45. Later, it was trading at Rs 413.35, up 1.74 per cent.
 The Competition Commission of India (CCI) on Thursday said it has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 per cent share in Future Coupons.
 "The proposed combination pertains to the acquisition by the acquirer (Amazon) of approximately 49 per cent of the voting and non-voting equity shares of the target (Future Coupons Ltd)," a statement said.
 A detailed order of the CCI will follow, it added.
 Amazon.com NV Investment Holdings is a direct subsidiary of Amazon.com, Inc (ACI) and belongs to the Amazon group. ACI is the ultimate parent entity of the Amazon group, as per the statement. RUJ ANS
ANS

Shares of Future group companies zoom after Amazon-Future Coupon deal

The Big Bs of Indian retail market, Bharti Retail and Kishori Biyani are teaming together reveals an The Economic Times report. It states that Bharti Retail and Kishore Biyani-led <keyword id="44949" type="CITY" weightage="80" keywordseo="Future-group">Future Group</keyword> are eyeing a merger of their retail businesses, in what could lead to the biggest consolidation in the sector by a wide margin. 
 
The plan involves the larger Future Group absorbing Bharti Retail in a largely stock deal. After this, the promoters of Bharti Retail — brothers Sunil, Rakesh and Rajan Mittal — are expected to get a minority stake in the combined entity or in one of the Biyani-promoted entities that controls his businesses.. The swap ratio and other key details are yet to be worked out, they said. One of them said due diligence is expected to be completed by end-May. 
 In the past three years, Biyani has streamlined his retail empire into three separately listed entities — Future Retail Ltd, <keyword id="2608104" type="COMPANY" weightage="60" keywordseo="Future-Consumer-Enterprises-Ltd">Future Consumer Enterprises Ltd</keyword> and Future Lifestyle Fashion, an apparel retailing company. The hyper and supermarkets — food and grocery retail chains Big Bazaar, Food Bazaar and Food Hall — are included in listed flagship Future Retail. The convenience stores — Nilgiris, KB's Conveniently Yours, Big Apple and Aadhaar — are part of Future Consumer, also listed. 
 Future Consumer also owns food parks and more than three dozen <keyword id="34523" type="CITY" weightage="80" keywordseo="fmcg">FMCG</keyword> brands. 
 
This move highlights promoters’ willingness to take bold, strategic steps at a time when the profitability of large retail chains across the country continues to remain under pressure due to higher overhead expenses such as rentals and low product margins. 
 <keyword id="112509" type="CITY" weightage="80" keywordseo="Bharti-Group">Bharti Group</keyword> doesn't comment on market speculation, a spokesperson told ET. Kishore Biyani, group CEO of Future Group, denied that any merger talks between the two were taking place. "Nothing like that is happening," he told the financial daily over the phone. 
 Bharti Retail, a wholly-owned subsidiary of <keyword id="117954" type="CITY" weightage="80" keywordseo="Bharti-Enterprises">Bharti Enterprises</keyword>, runs a chain of 216 hypermarkets, convenience stores and supermarkets under the Easyday brand, concentrated in the northern region with a few in the South and West. After Bharti broke off its partnership with Walmart in late 2013, the retail business is not a core activity for the telecom-to-financial services conglomerate, analysts told the financial daily. 
 
(Image: India Times)

This could be the mother of all retail deals in a while

Market regulator SEBI gave a go-ahead on Wednesday to <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword>'s scheme of arrangement and sale of assets to <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword>, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore deal. Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court. The Securities and Exchange Board of India allowed the deal with some riders, five months after it was announced last August. While seeking shareholders or the National Company Law Tribunal approval, the SEBI has asked Future Group to specifically mention the litigation pending before the Delhi High Court and arbitration proceedings by the e-commerce major Amazon contesting the deal, the Bombay Stock Exchange stated in its observation letter. The BSE has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings. "It is observed that there are certain ongoing litigations/arbitration/legal proceedings against the draft scheme," the SEBI said. "In view of the same, the company is advised that these comments of SEBI on the draft scheme of arrangement are subject to the outcome of any of the ongoing litigations/arbitration/legal proceeding involving the draft scheme and/or the decision by any competent authority/competent court in this regard," it said. Commenting on the development, a Amazon spokesperson said: "The letters issued by BSE &amp; NSE clearly state that comments of SEBI on the "draft scheme of arrangement" (proposed transaction) are subject to the outcome of the ongoing arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights." The SEBI has directed that Future Group shall ensure that the details of the complaints made by Amazon.com NV Investment Holdings LLC and submission of its group firm <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>. The market regulator directed Future Group to ensure that suitable disclosure about the latest financials of the companies involved in the scheme being not more than six months old was done before filing the same with the NCLT, the BSE said its observation letter. "In the light of above, we hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon'ble NCLT," the BSE said. The validity of this observation Letter shall be six months, within which the scheme shall be submitted to the NCLT, according to BSE. The exchange reserves its right to withdraw its 'no adverse observation' at any stage if the information submitted is found to be incomplete/incorrect/misleading/false or for any contravention of rules, by-laws and regulations of the exchange, listing agreement, guidelines/regulations issued by statutory authorities," it said. In August 2019, Amazon had agreed to purchase 49 per cent of one of Future's unlisted firms -- Future Coupons Ltd -- with the right to buy into the flagship Future Retail after a period of three to 10 years. Future Coupons holds 7.3 per cent equity in the BSE-listed Future Retail, which operates popular supermarket and hypermarket chains like Big Bazaar -- through convertible warrants. Amazon had dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC), arguing that Future violated its contract with the US firm by entering into the deal with rival Reliance. Last October, the SIAC had passed an interim award in favour of Amazon with a single-judge bench of V K Rajah barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party. Later, the Future Group approached the high court requesting to restrain Amazon from writing letters to regulatory authorities about the SIAC arbitral order. On December 21, a single-member bench rejected it but gave a go-ahead to the regulators to decide over the deal. The court had also made several observations indicating that Amazon's attempt to control Future Retail through a conflation of agreements Amazon has with an unlisted unit of the Indian company would be violative of the Foreign Exchange Management Act and the foreign direct investment rules. Amazon has now challenged the order before the division bench. Moreover, a three-member tribunal comprising Singaporean barrister Michael Hwang, Albert van den Berg and Jan Paulsson, has been formed at the SIAC to look into the tussle between Amazon and Future Group. It has countered Amazon's claims, saying the e-commerce giant had failed to provide any help to the debt-laden firm that suffered a massive setback during the coronavirus lockdown. Amazon contends that there were ongoing discussions on multiple options with partners and with the promoters of Future.

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

The All India Garment Manufacturers &amp; Vendors Association (AIGMVA) has demanded that <keyword id="44949" type="General" weightage="80" keywordseo="future-group" source="Orion">Future Group</keyword> owner <keyword id="44950" type="General" weightage="80" keywordseo="kishore-biyani" source="Orion">Kishore Biyani</keyword> should pay up their dues of over Rs 200 crore pending since 2019, here on Wednesday. The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned <keyword id="49454" type="General" weightage="100" keywordseo="biyani" source="Orion">Biyani</keyword> of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas <keyword id="313080" type="General" weightage="80" keywordseo="utagi" source="Orion">Utagi</keyword> said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022. "Each manufacturer-vendor has dues of between Rs 70 crore to over Rs One crore and the total amount plus interest would be around Rs 500 crore. We want the union government and all the concerned state governments also to intervene and get the huge amount cleared immediately," Utagi demanded. A garment producer from Thane said that a majority of them had availed bank loans to fulfil the Future Group's orders then but since Biyani did not pay up their bills, now the banks are hounding the manufacturers and suppliers for default and refusing to give more loans. "Due to this, over 100,000 are directly hit and along with their families and other stakeholders, more than five lakh people are on the verge of joblessness and starvation due to Future Group, explained Utagi. He said that the Future Group was last year sold to the Reliance Group and in this deal, the poor vendors comprising the backbone MSME sector of the Indian economy have been left in the lurch. A vendor from Gujarat said that their profit margins are very thin, they have no cash surplus and they survive on a cash-credit facility with regular payments to their suppliers, employees, establishment costs, EMIs, etc. "Owing to Future Group, our 100 per cent working capital is blocked, totally paralysing our operations, and now banks are hounding us with notices of loan defaults, some members have sold off family gold, saving or even their shops or homes to clear their dues and are now practically homeless," he said. The AIGMVA and TUJAC also plan to file cases against the Future Group in different states, write to Members of Parliament and Members of Legislatures to highlight their plight and urge the government's intervention to compel Biyani to pay up the entire dues and end the matter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/meta-alphabet-amazon-among-companies-that-laid-off-most-employees-in-2023/slidelist/98656731.cms">Meta, Alphabet, Amazon among companies that laid off most employees in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-polluted-cities-in-india/slidelist/98657500.cms">39 out of 50 most polluted cities are in India; here are some key facts</a>

Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

<ul><li>The Kishore Biyani-led company has repaid $14 million interest on foreign bonds to investors </li><li>With this repayment, Future Retails has averted a default and concerns over rating downgrade </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has averted a default as it repaid around $14 million (around 100 crore) interest on foreign bonds to investors. The company had to pay the interest on bonds worth $500 million due in 2025. The company was given a grace period of 30 days, which officially ended on Saturday, but being a holiday, Monday (August 24) will be considered as the last day. <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> runs the Big Bazaar chain of stores. "Today, we are pleased to inform that the Company has made the payment of said interest for the half year ended for an amount of $14 million on above USD Notes," the company said in a regulatory filing. The shares of Future Retail took a hit and fell by 5% on the back of debt repayment deadline concerns. <div type="image" title="future retail new (1)." msid="77713106" hostid="261"></div> The board of Future Group was set to assemble on Saturday, for an important meeting on the acquisition. However, that meeting has been postponed by a week, according to <a href="https://www.business-standard.com/article/companies/future-enterprises-board-meet-on-group-firms-merger-postponed-by-a-week-120082200178_1.html">reports.</a> The group has debts of over $2 billion. And while Biyani and his family hold a 33.5% stake in Future Group, almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of pledged stake </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Lifestyle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Supply (FSCL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.97% </td></tr></tbody></table> The already-weak Future Group businesses, too have been hit by the COVID-19 pandemic, which has forced malls and retailers to shut down. Earlier in July, the company had sought an extension on its earnings reports, which has already been pending for two quarters. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-monday-indiabulls-housing-finance-future-enterprises-ril-tata-power-dixon-tech-rossari-biotech/articleshow/77712262.cms">Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more</a>

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

<a href="http://www.businessinsider.in/searchresult.cms?query=Future+group&amp;sortorder=effectivedate">Future group</a> chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Kishore+Biyani+&amp;sortorder=effectivedate">Kishore Biyani </a>has resigned from the post of Managing Director of <a href="http://www.businessinsider.in/searchresult.cms?query=Future+Retail&amp;sortorder=effectivedate">Future Retail</a>. He has also resigned from the post of Joint Managing Director and Director of the company. 
 
This is a restructuring to execute the merger <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a> with the company announced last year. 
 The resignations would be effective from May 1, 2016, <keyword id="375475" type="COMPANY" weightage="80" keywordseo="Future-Retail">Future Retail</keyword> said in a BSE filing. 
 However, <keyword id="44950" type="PERSON" weightage="60" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> would continue to hold office as non executive director of Future Retail Ltd, it added. 
 
In May last year, <a href="http://www.businessinsider.in/searchresult.cms?query=Future+group&amp;sortorder=effectivedate">Future group</a> agreed to merge its retail business with rival <a href="http://www.businessinsider.in/searchresult.cms?query=Bharti+Retail&amp;sortorder=effectivedate">Bharti Retail</a> in an all-stock deal worth Rs 750 crores to create one of the biggest supermarket chains with Rs 15,000 crores turnover. 
 
Image credit: Indiatimes

Kishore
Biyani is no longer the Managing Director of Future Retail

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> has picked up a 49% stake in <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword>’s – Future Coupons. </li><li>Amazon also announced its 2-hour grocery delivery service – Amazon Fresh in Bengaluru.</li><li>The developments come in right before <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> makes its reported entry into e-commerce.</li></ul>Global e-commerce giant Amazon picked up a 49% stake in Kishore Biyani’s Future Coupons. This company is the promoter of <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword>, and Amazon will indirectly have ownership of the vast group of offline retail chains including Big Bazaar. “We have been informed by Kishore Biyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons that they have entered into a share subscription agreement and a shareholders' agreement with Amazon,” said a regulatory filing by Future Retail. As part of the agreement, Amazon has been granted a call option. This option allows Amazon to acquire all or part of the promoters' shareholding in Future Retail and can be exercised in three or ten years. Again, this is subject to the regulation. Future Retail’s stock fell by 4.7% in early trade to ₹393, as the announcement was made late last night. Amazon gets Fresh The development came in on the same day as Amazon also announced its two-hour grocery delivery service – Amazon Fresh. With Amazon Fresh, customers can order their complete grocery requirements across a selection of over 5,000 fruits and vegetables, dairy, meat, ice-creams, and dry grocery like staples, packaged food, personal care and home care. While Amazon fresh is currently available in Bengaluru, it will also be offered in other cities soon. Amazon’s stake in Future Group gives it access to offline store print in India, as the competition in the offline retail segment intensifies. Future Group which runs the stores Big Bazaar has 2,000 retail stores, covering over 24 million square feet of space in over 400 cities and towns. Reliance Jio is set to make its entry in the e-commerce segment with groceries. Meanwhile, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Retail has 10,644 stores in over 6,700 cities. It is present across areas like food and grocery, consumer electronics, fashion and lifestyle. Reports also had earlier said that Amazon is looking to acquire a <a href="https://www.businessinsider.in/jeff-bezos-amazon-may-buy-stake-in-mukesh-ambanis-reliance-retail/articleshow/70476636.cms">26% stake in Reliance Retail</a>.

Amazon prepares for the Mukesh Ambani challenge with a bet on Future Group – but Kishore Biyani's shareholders aren't happy

In a major relief for <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> CEO <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>, the Securities Appellate Tribunal (<keyword id="6379242" type="UNKNOWN" weightage="20" keywordseo="SAT">SAT</keyword>) has stayed the SEBI's order restricting him along with other promoters of the group from the securities market for alleged insider trading in the scrip of Future Retail (FRL). A company statement said the appellate tribunal has stayed the "effect and operation" of SEBI's order accusing the promoters of the <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> of insider trading in the context of purchases of Future Retail shares made in March 2017. As per the company, the restructuring of the home furnishing businesses in the Future Group -- with the physical store format of Future Retail and online store format of Future Enterprises being demerged into a new company -- had been well known in the public since 2016. Future Group counsel Somasekhar Sundaresan argued that the actual terms of the restructuring were initiated only in April 2017 while the purchases were made in March to avail of the acquisition limits under the takeover regulations. SAT, however, has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021. Earlier this month, the capital market regulator SEBI barred Biyani, among others, from the securities market for a period of one year for insider trading in the scrip of Future Retail (FRL). The other entities and individuals barred by SEBI from the securities market were Future Corporate Resources Private Limited (FCRPL), Kishore Biyani's brother Anil Biyani, Rajesh Pathak and Rajkumar Pande. An investigation had found that some of the entities traded in shares of Future Retail on the basis of unpublished price sensitive information (UPSI) violating SEBI norms during the period between March 10 and April 20, 2017, said the SEBI order. Further, the notices were also restrained from buying, selling or dealing in the securities of Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of two years. SEBI in its order had also asked Future Corporate Resources, Kishore Biyani and Anil Biyani to jointly and severally disgorge an amount of over Rs 17.78 crore along with an interest at the rate of 12 per cent per annum from April 20, 2020 till the date of actual payment.

You Searched For "Future group" and got 8 results

Shares of Future group companies zoom after Amazon-Future Coupon deal

PTI

This could be the mother of all retail deals in a while

BI India Bureau

Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally

PTI

Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

IANS

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

Sanchita Dash

Kishore Biyani is no longer the Managing Director of Future Retail

BI India Bureau

Amazon prepares for the Mukesh Ambani challenge with a bet on Future Group – but Kishore Biyani's shareholders aren't happy

Sanchita Dash

Kishore Biyani heaves a sigh of relief as SAT stays the SEBI ban until further notice

IANS

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