Kishore Biyani-led Future Group has denied a report in The Economic Times that it is planning to buy or merge business with Aditya Birla Retail (ABRL).
The leading daily’s report says: “Kishore Biyani-led Future Group is in early discussions with Aditya Birla Retail (ABRL) to buy or merge the latter’s More supermarket business to consolidate its leadership in the brick-and-mortar retail sector and to build a large network of stores that could be leveraged in alliance with e-commerce companies for multi-channel sale of food and groceries.”
Responding to Indiaretailing’s email query Future Group said: “A newspaper report published today claims that Future Group is in early discussions with Aditya Birla Group for a possible merger/takeover of ‘More’ Supermarkets. We would like to put it on record that the report is purely a speculation and we officially deny any such developments.”
Kishore Biyani-led Future Retail, operates 738 retail stores in 221 cities. The group is gradually transforming into a ‘connected commerce organisation’ to reach today’s consumers who live a seamless life between the physical and the digital world.
In May last year, Biyani combined Future Retail’s operations with Bharti Retail Ltd. bringing together winning retail brands such as Big Bazaar, easyday, fbb, Food Bazaar, Home Town, eZone and Foodhall.