Kishore Biyani steps down as MD Future Retail

The czar of retail business in India, Future Group’s chairman Kishore Biyani has stepped down as the Managing Director of Future Retail as a part of realignment of the Group’s business. Even Rakesh Biyani, Joint Managing Director and Director of the company, has stepped down. The resignations come in the wake of restructuring to execute the merger of Bharti Retail with the company as announced last year.

The resignations will be effective from May 1, 2016 but Kishore Biyani will continue to hold office as non-executive director of Future Retail. Last year in the month of May, Future Group agreed to merge its retail business with rival Bharti Retail in an all-stock deal worth Rs 750 crores to create one of the biggest supermarket chains worth Rs 15,000 crores 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. Kishore Biyani is the founder and chief executive officer of the Future Group.