Mumbai’s bankruptcy court on Friday admitted Axis Trustee Services’ application to initiate a personal insolvency process against Future Group promoter, Kishore Biyani, said people aware of the development...
Drug retailer Rite Aid files for bankruptcy, gets $3.45 bln commitment
Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO. Rite Aid said it has received a...
Westbridge Capital buys stake in Meesho
Westbridge Capital has acquired 1.5% of Meesho at a valuation of $3.5 billion, two people with knowledge of the deal said. The investment firm acquired the stake from Meesho’s seed investor, Venture Highway. Venture...
Reliance Brands buys majority rights of Superdry IP for Indian territory
Reliance Brands Ltd. (RBL), part of Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd., entered a joint venture deal with the UK-based clothing retailer Superdry PLC, securing rights to the brand’s...
Hedin, PAG International to drop bid for British car dealer Pendragon
Hedin Mobility Group and U.S.-based PAG International said they will not make an offer for British automotive retailer Pendragon, just a fortnight after sweetening their takeover proposal. Hedin, which holds a 27.6%...
Future Retail lenders reject Space Mantra’s bid; NCLT extends insolvency period for 15 days
The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, which is currently going through Corporate Insolvency Resolution Process (CIRP). The Resolution Plan submitted...
Gazprombank buys Russia MEGA shopping centres from IKEA affiliated business
Gazprombank Group has bought 14 MEGA shopping centres in Russia from a unit of IKEA store operator Ingka Group for an undisclosed price, the companies said on Thursday, in the latest exit from Russian business by a...
Supreme Court rejects Future Group companies’ pleas seeking stay on DRT order
The Supreme Court on Monday dismissed two Future Group companies’ appeals against a debt recovery tribunal (DRT) order on July 31 that restrained them from alienating their assets worth ₹4,478.22 crore in recovery...
Future Retail’s creditors extend voting timeline on SpaceMantra’s bid to Sept 30
The Committee of Creditors (CoC) to Future Retail (FRL) have extended the voting period for the third time to decide the winning bidder to acquire the debt-laden company. The timeline has now been extended till...
Future Retail: NCLT extends deadline till September 15 for completing insolvency process
The National Company Law Tribunal (NCLT) has extended the deadline to September 15 for completion of the insolvency resolution process of debt-ridden Future Retail Ltd (FRL). The decision came on an application moved by...
UK discount retailer Poundland to buy up to 71 Wilko stores
British discount retailer Poundland said it would buy up to 71 Wilko stores and convert the collapsed homeware and household goods chain’s sites into its own brand. Poundland, which is owned by Warsaw-listed...
KKR to invest ₹2,069 cr in Reliance Retail, raise stake to 1.42%
Global investment firm KKR is set to raise its stake in Reliance Retail Ventures Ltd (RRVL) from 1.17% to 1.42% by infusing ₹2,069 crore through an affiliate. In 2020, KKR had invested ₹5,550 crore for the first time in...
