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Kishore Biyani Steps Down As Future Retail Managing Director

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Kishore Biyani Steps Down As Future Retail Managing Director

Kishore Biyani would continue to hold office as non-executive director of Future Retail.


New Delhi: Future Group chairman Kishore Biyani has resigned from the post of managing director of Future Retail Ltd.

Besides, Rakesh Biyani has resigned from the post of joint managing director as well as director of the company as part of restructuring to execute the merger of Bharti Retail with the company announced last year.

The resignations would be effective from May 1, 2016, Future Retail said in a filing to the BSE.

However, Kishore Biyani would continue to hold office as non-executive director of Future Retail, it added.

In May last year, Future Group agreed to merge its retail business with rival Bharti Retail in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains with a turnover of Rs 15,000 crore.

The two-tier deal also involved merger of their respective retail infrastructure business into Future Retail thus creating two separate companies - one the front-end retail and another for infrastructure activities.

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