Future Retails: Director Rahul Garg resigns in March 2022
“Rahul Garg resigned from the board of Future Retail Ltd with effect from 14th March 2022”.
Future Retail limited also known as FRL is an Indian company owned by the future group, which retails a wide range of consumer and household products through various departmental stores.
The company is linked with around 20 hypermarket stores and 210 supermarket stores. The company has brands like Big Bazar, FBB, food hall, Hometown, Central, and many more.
Future Retail Ltd. Was earlier known as Bharti Retail Ltd. Which was incorporated in the year 2007. The company presently has a customer base of approximately 60 million members.
The company is one of the leading operators in the line consumer and value sector of the Indian market.
Rahul Garg was a non-executive director on the board of directors of Future Retail Ltd. He completed his schooling and graduated from Delhi, after which he did MBA in finance from the Management And Development Institute of Gurgaon.
He worked as an Assistant General Manager in ICICI Bank, Mumbai for 9 years. Earlier, he was a board member of the brand FabIndia overseas Pvt. Ltd. He is an active member of Premji Invest, Bangalore since the year 2015. He has not only been a board member of FRL but he is presently also a member of the board in FSS, Organic India, etc.
He has resigned from the board with effect from 14th March 2022. The company released an official statement for the same stating that they appreciate the presence and support that he gave during his tenure as a director in the company.
What else do you need to know about Future Group?
Future Group is an Indian group of companies founded by Kishore Biyani. Its head office is located in Mumbai, India. The company owns popular supermarket chains like Big Bazaar, Food Bazaar, Central, Brand Factory, etc.
The two popular operating companies listen under BSE and NSE are Future Retail Limited. And Future Lifestyle Fashion Limited.
Future Group has also offered the online application by the name of Future Pay for shoppers to buy online from the prominent brands mentioned above.
Future Retails trade-in multi-brand products. In the year 2019, Amazon bought a 49% stake in FRL coupons. It might be transferred to Reliance Retail as per the deal done in August 2020. The deal was announced in approx. 24,713 crore. This deal is contested by Amazon. The deal is still under litigation at Supreme Court, Delhi High Court, and Singapore International Arbitration.
The Future Retail Ltd. Owned by Kishore Biyani is currently in a legal dispute with the American e-commerce brand Amazon because of the merger deal they had. Earlier, Amazon and Future decided to settle the dispute outside the court but on 15th March 2022 they informed the court that they have failed to do so. As per the statements, recently, Reliance Retails has taken over operations of 200 FRL stores across the world.