Future group chairman Kishore Biyani has resigned from the post of Managing Director of Future Retail Ltd as part of realignment of the group's business.
Future group chairman Kishore Biyani has resigned from the post of Managing Director of Future Retail Ltd as part of realignment of the group’s business.
Besides, Rakesh Biyani has also resigned from the post of Joint Managing Director as well as Director of the company as part of a restructuring to execute the merger Bharti Retail with the company announced last year.
The resignations would be effective from May 1, 2016, Future Retail said in a BSE filing.
However, Kishore Biyani would continue to hold office as non executive director of Future Retail Ltd, 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 Rs 15,000 crore turnover.
The two-tiered 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.