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Azim Premji’s investment arm, PremjiInvest has acquired 6% stake in Future Retail, from Bharti Group for approx Rs.600 crore.
Bharti Group still holds approx 3% stake in Future Retail via a group entity called Cedar Support Services. PremjiInvest is already an investor in one of the group entities, Future Lifestyle Fashions.
Further, Kishore Biyani, founder and Group CEO, Future Group stated that, Future Retail will receive Rs.575 crore through clawback provision and it will be utilized to reduce the debt in the company.
