Kishore Biyani resigns as MD, Future Retail following biz restructure

Pursuant to the demerger of the retail business undertaking of Future Retail, Kishore Biyani has resigned from the post of Managing Director with effect from May 1, 2016. He will, however, continue to hold office as Non-Executive Director of the company.

Rakesh Biyani has also resigned from the post of Joint Managing Director as well as Director of the company with effect from May 1, 2016.

It may be recalled that in May 2015, Future Retail and Bharti Retail had announced the merger of their retail businesses, creating one of India’s largest retail networks.

The consolidation process resulted in creation of two distinct entities post merger – one focused on retail operations and other holding the infrastructure and investment.

With the Composite Scheme of Arrangement between Future Retail and Bharti Retail becoming effective following the approval of the Bombay High Court, the retail business undertaking of the company stands demerged and vested in Bharti Retail.

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