Section 34
Kishore Biyani
Pioneer of Indian modern retail with Pantaloon and Big Bazaar; his Future Retail later went into liquidation. (Future Group (Pantaloon, Big Bazaar))
- life
- Born 1961
- era
- 1991 to 2010
- ₹24,713 crore
- Agreed value of the Reliance Retail deal (not completed) · 2020
- ₹17,000 crore
- Future Retail's dues to lenders at liquidation (more than) · 2024
- 1,550
- Future Group stores (about) · 2020
The story
Kishore Biyani started an apparel business in 1987 called Manz Wear, later renamed Pantaloon. Pantaloon listed on the stock exchanges in 1992 to raise money for stores and marketing.
In 2001 he launched Big Bazaar, a large discount store selling food, clothes and household goods under one roof. Big Bazaar added 100 stores over the next six years.
Growth was funded with debt. In 2012 he sold his majority stake in Pantaloons Retail to Aditya Birla Nuvo for Rs 1,600 crore, including Rs 800 crore of debt. In August 2020 Reliance Retail agreed to buy Future Group's retail and logistics business for Rs 24,713 crore, but Amazon objected and, in April 2022, most secured lenders of Future Retail voted against the deal.
Future Retail entered insolvency in 2022. On 29 July 2024 the NCLT Mumbai bench ordered its liquidation; the company owed lenders more than Rs 17,000 crore.
Timeline
- 1987Starts Manz Wear (later Pantaloon).
- 1992Pantaloon lists on the stock exchanges.
- 2001Launches Big Bazaar.
- 2012Sells majority stake in Pantaloons Retail to Aditya Birla Nuvo.
- 2020Agrees to sell retail and logistics business to Reliance Retail.
- 2022Secured lenders reject the Reliance deal in April.
- 2024NCLT orders liquidation of Future Retail on 29 July.