Kishore Biyani falters. Again.
Future Group is on the clock with a debt problem.
Why read this story?
Editor's note: This is not the first time India’s modern retail pioneer—Future Group founder and CEO Kishore Biyani—has staked his kingdom. Just eight years back, he landed in enough of a tight spot that he had to sell parts of a business empire that he’d painstakingly built over decades. This time around too, he doubled down his bets in business by pledging ownership equity at a time when his companies are loaded with debt. The man is now, miraculously, just a few steps away from losing control. On 30 March, what can only be qualified as the hand of god saved Kishore Biyani. In an unprecedented move, the Mumbai High Court restrained IDBI Trusteeship from selling shares of the Rs 21,288 crore Future Retail Ltd, which was pledged to the lender as collateral for a loan Biyani had taken. The court judgement caught legal pundits by surprise as it went against all tenets of free markets. If IDBI had sold those shares, it may well have hastened a huge crisis for Biyani and he could have ended up losing his company. Now, …
More in Business
You may also like
Dubai’s red-hot property market may be cooling
The latest quarterly report on the emirate’s real estate market, a new listing in Saudi Arabia and an Airtel arm eyes a UAE IPO.
Al-Futtaim, Cenomi Retail and understanding their landmark deal
The Emirati conglomerate has decided to aid the faltering Saudi firm, in what looks like one of the biggest retail alliances the two economies have seen in a long time.
Emirates NBD has its heart set on an Indian bank
India’s IDBI could make banking history with a Dubai bank, there’s a new island in Abu Dhabi and a property correction is on the cards.