04 May 2016 Current Affairs:
The retail tycoon, Kishore Biyani has been appointed managing director of Bharti Retail Ltd (BRL) as part of the reconstitution of the board following their merger pact announced last year. With the scheme of arrangement between Future Retail Ltd (FRL) and BRL for acquisition taking shape, another Biyani, Rakesh Biyani, joined the board of BRL as joint managing director.Bharti Enterprises vice- chairman and managing director, Rajan Mittal will continue to serve as a member of the board of directors of the company.
However, Kishore Biyani would continue to hold office as non-executive director of Future Retail Limited. Future group operates some of the most popular retail brands in the country including Big Bazaar, EasyDay, fbb, Foodhall, Home Town and eZone.In May last year, Future group agreed to merge its retail business with rival Bharti Retail in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains with Rs 15,000 crore turnover.Bharti Retail will get 9 per cent each in both these companies and will also hold ordinary convertible debentures worth Rs 250 crore.