₹24‚713 CRORE
SIZE OF THE RELIANCE RETAIL-FUTURE GROUP DEAL
₹17‚000 CRORE
AMOUNT OWED BY FUTURE GROUP TO LENDING BANKS
AT AROUND NOON ON A pleasant day this February, a harried executive of a mall in Amritsar called his CEO. Much as he tried to hold his emotions together, the situation got the better of him. Standing in front of him was a team from Reliance Projects & Property Management Services, a part of the Mukesh Ambani-controlled Reliance conglomerate, who, by contrast, was composed but also displayed some level of urgency to wrap up some paperwork.
“They were holding the termination letter and also a new agreement letter,” narrates the CEO, who was pulled out of a meeting by his team member. The offer was quite irresistible—all the outstanding rental payments due from Future Retail, a Kishore Biyani-promoted company, would be cleared in a couple of days and just a formal sign-off was needed. The mall owner had a new tenant in the form of Reliance.
“We have never seen anything move so quickly. It was a little strange to see a pre-printed letter with our name,” he says in a voice that was still incredulous. It marked a momentous transformation when Reliance Projects & Property Management Services swiftly took complete charge of several stores that once housed Big Bazaar, the chain that was considered the destination for India’s large middle class.
This story is from the April 17, 2022 edition of Business Today.
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This story is from the April 17, 2022 edition of Business Today.
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