Future group revs up joint ventures as tussle with Amazon drags on The Future group is re-energising its joint ventures (JVs) with dairy major Fonterra and American food firm Hain Celestial as it prepares for life after a tough 2020. The Kishore Biyani-led group’s debt had spiralled out of control last year, forcing it to get into a nearly Rs 25,000-crore transaction with Reliance Retail. The deal, which includes sale of the retail, wholesale, and logistics assets of the Future group, has since been challenged by Amazon.Read more
NITI Aayog submits first list of about 12 PSUs for privatisation The government has kicked off its privatisation drive, with the NITI Aayog, a body headed by the prime minister, submitting its first list of about 12 public sector undertakings (PSUs) to be privatised. The organisation has submitted the list comprising PSUs in strategic sectors, which will be considered by the Department of Investment and Public Asset Management (DIPAM), and the Core
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A lawyer for Future Retail Limited (FRL) on Thursday told the Delhi High Court that Reliance has offered Rs 24,000 crore deal to Future which will take all the liabilities and save the jobs of 25,000 employees. The lawyer argued that all the banks and shareholders of Future are safe through this deal as it put money on the table. The Delhi High Court is hearing the appeal filed by Future Retail Limited (FRL) against the Court s order passed earlier this week. It had asked FRL to maintain the status quo with respect to its $3.4 billion (about Rs 24,700 crore) deal with Reliance Retail. The court had said it was satisfied that an immediate interim order was required to be passed to protect the rights of e-commerce firm Amazon.