Reliance Retail has bought thousands of crores of rupees in debt and is on the verge of bankruptcy. Reliance Retail has saved the lives of thousands of employees in Corona in this crisis. Mukesh Ambani’s Reliance Retail on Saturday acquired Future Group for Rs 24,713 crore.
Thousands of people were linked to livelihood in a chain-like Big Bazaar, Easyday in Future Group. Apart from this, the supply chain of Kishore Biyani’s retail business is also indirectly linked to the employment of thousands of people. In the situation of not being able to repay the loan, the possibility of a lock on the company was getting deeper by the day.
At the age of twenty-six, Kishore Biyani, the founder of Future Group, opened the first store in the name of Pantaloon, when no one thought that after 33 years, his empire was buried under such a huge burden of debt and repaying that loan interest. Will also be unable. The debt crisis on the Future Group was so severe that it could be understood from the fact that the company had to pay 100 crore interest only on the foreign bonds, which the company could repay only on the last day of the waiver period.
Most stores had to close during the lockdown. The number of all types of stores of the Future Group is more than 1650 and where thousands of people were directly employed, the livelihood of millions was also indirectly linked to it. Employees were also worried about their jobs amid the threat of the company sinking due to increasing debt. Reliance Retail’s investment has saved the company from its commitments.
Expressing happiness over the deal, Isha Ambani, director of Reliance Retail Ventures Ltd, said, “We will be happy to preserve the renowned brand of Future Group as well as its commercial ecosystem.” It will play an important role in the development of modern retail in India.
We hope that with the participation of small traders, grocery stores, and large consumer brands, the pace of growth in retail will continue, we are committed to providing better value to our consumers across the country. For urban consumers, Big Bazaar has been the hub of everyday supply.
The professional attitude of Reliance Retail can be seen in a series like Big Bazaar, but after Isha Ambani’s statement, it is certain that Reliance is not going to rebrand Big Bazaar, so nothing will change for consumers in Big Bazaar.