New Delhi. Kishore Biyani, the chief of Future Group, once known as the retail king of the country, has taken loans continuously in the past several years. Due to which Future Retail has been unable to repay the interest on a loan of Rs 105 crore, after which the risk of default of this company has increased. On 30 September 2019, the debt of Future Group’s listed companies had increased to Rs 12,778 crore, which was Rs 10,951 crore on 31 March 2019. Biyani had a deadline till March to pay some dues, but the ban by the Reserve Bank of India gave some relief to Future Group. In mid-February 2020, there was talk in the market about Biyani’s inability to repay the loan, after which the company’s shares started falling rapidly. After this, the lenders started demanding more shares from Biyani in exchange for the loan.
The company is in debt due to the Corona crisis
Meanwhile, on one hand, the Corona crisis gave the company some time to repay the loan, on the other hand, the business was badly affected and the company had to close many stores. The increasing shortage of cash forced the company to default on the loan.
Know how Biyani got success in his business
The big business houses of the country have failed in the business in which retail king Kishore Biyani is, but Biyani has built a big empire.
Sometimes she sold saris with her grandfather: Kishore Biyani was born in a middle class family in Rajasthan. His grandfather had once come to Mumbai from Rajasthan to do business of dhoti and sarees. At the age of just 22, Kishore started the business of making trousers from Mumbai, which became successful. His company Pantaloon is doing business all over the world.
Company started: As soon as he turned 22, his family got him married to Sangeeta of Rathi family. He started trouser business, which was successful. By 1987, he started a new company, Men’s Wear Pvt. Ltd. Clothes were sold in it under the name Pantaloon. This name was chosen because it was close to the Urdu word trousers. It was sold only at select shops. In 1991, he started a Pantaloon shop in Goa and in 1992, he raised money from the stock market and established the brand. Since then, it has been growing continuously.
Passion for doing something new from the beginning: 4- At the age of 15, Kishore Biyani started going to Century Bazaar in Mumbai. He was not very good in studies. He used to work with his father and two cousins, but Kishore did not like their approach to work. Then he set up his own mill and started selling stonewash. He used to sell it at small shops in Mumbai. At that time his store was not even included in the trade body.
Tags: Retail Company
FIRST PUBLISHED : August 25, 2020, 12:16 IST