India-based Future Group chairman Kishore Biyani has resigned as managing director of Future Retail as a part of the company’s restructuring programme.
Joint managing director and group director Rakesh Biyani has also stepped down from his posts.
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Future Retail is rearranging its business in order to merge its operations with that of Bharti Retail, after it was acquired by Future Group a year ago.
Announced last year, the deal stated that the two companies had proposed a demerger of the retail business of Future Retail to Bharti Retail, while separating the infrastructure operations of the two companies.
Future Group will have two separate entities, one of which will own all retail formats under Future Retail, while the other will handle all the logistics business, backend operations and non-core assets under Future Enterprises, reported The Economic Times.
Even after his resignation, Kishore Biyani would continue to operate as the non executive director of the company.
The resignations of both Kishore Biyani and Rakesh Biyani have been effective from 1 May.
Bharti Retail will receive 9% interests each in both these companies, as well as have ordinary convertible debentures.
