Reliance-Future group deal pushes Kishore Biyani, kin out of retail space for 15 years

Under a non-compete clause of the Reliance-Future Group deal, Kishore Biyani and his kin are banned from re-entering the retail space for the next 15 years. Sources tell that as per the deal, neither Biyani nor his immediate family members can operate in any retail segment.

Last week, billionaire Mukesh Ambani’s Reliance Industries had announced the acquisition of the Kishore Biyani-led Future Group for Rs 24,713 crore. Through the deal, Reliance will acquire Future Retail that owns BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory. 

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News source: Deccan Herald

Update by Jayashree