Future Group Companies Get Big Orders From Reliance Industries
Future Group companies got big orders from Reliance Industries, the company is preparing to bring two new brands.
Future Group companies have started getting large orders from Reliance Industries. Future Group CEO Kishore Biyani gave this information in an email to employees on Tuesday.
The group companies Future Consumer and Future Enterprises have recently received orders from Reliance Industries.
These orders are expected to provide considerable relief to the cash-strapped company before the completion of the Rs 24,713-crore deal announced by RIL for the purchase of Future Group companies.
It is noteworthy that Amazon, the e-commerce sector giant, has objected to this deal.
The Biyani Group company announced in August the sale of its retail, wholesale, logistics business and warehousing units to Mukesh Ambani’s Reliance.
Amazon has approached the Singapore International Arbitration Center (SIAC) over the proposed deal.
Meanwhile, Biyani wrote in an internal email to employees, “Future Consumer and Future Enterprises have received large orders from Reliance”.
Regarding the next policy of action, Biyani said that the group is strategizing on two new brands. These brands will offer products in different categories of fashion and FMCG.
He said, “A lot of work is being done about these brands and you can see these brands in stores till March”.
About this year Biyani has said that almost everything has been disrupted by the Covid-19.
He has said, “Now things are slowly coming back to their old ways.” The new year gives us a chance to start afresh. ”
Biyani has informed the employees, “You will be aware that we have also started opening new stores.
The new store of Big Bazaar opened in December at Palasio Mall in Lucknow and has received a great response from customers.
Another store of Big Bazaar is going to open in Mokama, Bihar in January.
Stock Market: Stock markets fluctuate in early trade, shares of IT companies rise.
Domestic stock markets are witnessing ups and downs in early trade on Wednesday. The 30-share BSE index opened with a gain of 176 points on Wednesday.
However, it soon saw a decline due to pressure from profit booking. Sensex was trading at a level of 47,564.72, a drop of 48.36 points, or 0.10 per cent, at 09:42 am.
Sensex closed at the level of 47,613.08 points in the previous session. At the same time, at 09:48 am, NSE Nifty was trading at 13,930.05 points, down 2.55 points or 0.02 percent.
