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Future Group Firms Receive Large Orders From Reliance

The group firms Future Consumer and Future Enterprises have recently received orders from Reliance Industries.

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Future group firms have started getting large orders from Reliance Industries, its CEO Kishore Biyani said in an email to his employees on Tuesday.

The group firms Future Consumer and Future Enterprises have recently received orders from Reliance Industries.

This will be a big support for the cash-strapped future group firms before the completion of Rs 24,713 crore buyout of the country's second-largest retailer by Reliance Industries' arm.

Ecommerce major Amazon has raised objections over the deal.

Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) after a Biyani group firm signed a pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance in August this year.

'We have received a large order from Reliance as well in Future Consumer and in Future Enterprises,' Biyani said in the email.

On the future course of action, he said the group is conceptualising two new brands that will offer products in multiple categories in fashion and FMCG.

'There is a lot of work that has been going on with these brands and you will see them come alive in stores by March,' he added.

While talking about the current year, Biyani said the COVID situation has interrupted everything.

'Now, things are steadily coming back to their usual rhythm. A new year gives us an opportunity to start afresh,' he said. 'I am starting the year 2021 with a fresh mind and the determination to get back the rhythm and normalcy in every sphere of life and business'.

'As you are aware, we have started opening new stores as well. A new Big Bazaar opened in Palassio Mall in Lucknow in December and has received very encouraging response from customers. One more Big Bazaar store is scheduled to open in Mokama in Bihar in January,' Biyani informed.

Highlighting the contribution of employees, he said the business is not about stores, brands or offices.

'It is all about individuals – you, me and every one of us who come together to fuel our stores, brands and business. We need to come together as teams, work together in offices and bring our rhythm back to achieve our goals,' he added.

The group is fully activating its offices as well as workspaces and all employees will be updated on the new work schedules, guidelines and various organisational announcements related to new leaders and teams, he said.

Biyani also mentioned about Future group's 'Sabse Sasta Din on 26th January'.

'Let us together recreate it on this 26th January. We should use this as the opportunity to announce to our customers that we are now fully geared and ready to meet all their expectations,' he said. 'At the Home Office, we have formed a core leadership team to support zones and stores in ensuring that we make the best 26th January sales ever'.

Biyani also invited marketing and advertising ideas from the employees.

Both Future Group and Amazon had last week written to market regulator Sebi with contrasting requests over the Rs 24,713 crore buyout of assets of India's second-largest retailer.

Future Group has requested the regulator to expedite the review of the proposed deal and issue a no-objection certificate, while Amazon has urged that the review of the 'impugned transaction' be suspended.

Future Group firm Future Retail Ltd (FRL) approached the Delhi High Court, which earlier this month upheld Amazon's right to make representations to statutory authorities against the Future Group-Reliance Retail deal.

The court had also given a go-ahead to the regulatory authorities to decide about the deal in accordance with the rules and regulations.

Amazon in its letter to Sebi said FRL's request for an injunction against the online firm has been rejected by the Delhi High Court, and that the court has held that the interim award by SIAC is valid under Indian law.

(PTI)


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