Page 61 - Future Group News Today

The latest twist with Reliance Retail moving in at a physical level happened after several landlords apparently approached it as the Biyani firm which is neck deep in losses, was unable to pay rent.

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Shares in Future Group companies surged on Monday following reports that India's top retailer Reliance Industries would take on at least 200 Future Retail stores after the debt-laden group failed to make lease payments for them to Reliance.

Future Retail shuts most of its 1,700 stores, including Big Bazaar, Reliance plans to rebrand and open nearly 200 outlets in a week.

On Monday, frontline equity indices continued their winning momentum for the second straight session. On the National Stock Exchange (NSE), there were 1,343 advances, 727 declines and 5 unchanged.

In order that the Future Retail Limited (FRL) business could continue, Reliance also extended working capital...

NSE Nifty 50 index ended up 0.81 per cent at 16,793.90, while the S&P BSE Sensex rose 0.70 per cent or 388.76 points to 56,247.28.

In order that the Future Retail Limited (FRL) business could continue, Reliance also extended working capital support due to which FRL has been able to pay its statutory dues, pay interest and one time settlement amount to banks to continue its business operations.

Reliance will add 250 more Future Retail stores to its portfolio after the company failed to make lease payments for the outlets to Reliance, two people with direct knowledge of the matter told Reuters on Monday. The plans - which sources said will be executed within weeks - come after Reliance took possession of and started rebranding about 200 of Future's Big Bazaar

Future Enterprises said in January that it had decided to sell its 25% stake in Future Generali India Insurance Company to Generali.