Mumbai, May 3 (IANS) The Future Group on Monday said Kishore Biyani has been appointed the managing director of Bharti Retail Limited (BRL) after the completion of acquisition of the Bharti Group’s retail business.
With the scheme of arrangement between Future Retail Limited (FRL) and BRL for acquisition taking shape, another Biyani, Rakesh Biyani, joined the board of BRL as joint managing director.
Bharti Enterprises’ vice chairman and managing director Rajan Mittal will continue to serve as a member of the board of directors of the company.
The company roped in Ravi Dhariwal, Gagan Singh and Shailendra Bhandari as independent directors.
During the past year, two retail companies have successfully integrated the front end operations of their retail businesses, a statement of the company said.
As part of the merger, the back-end infrastructure of BRL is being merged with the back-end infrastructure of FRL.
The scheme has been given effect on Sunday and BRL will be listed on stock exchanges, the company said.
As a part of rearrangement of the group’s business, Kishore Biyani stepped down as managing director of FRL.
He, however, will continue to be part of the FRL board and Rakesh Biyani also resigned as joint managing director of FRL.