CURRENT AFFAIRS

Detailed explanation-1: -Future Group is an Indian conglomerate, founded by Kishore Biyani and based in Mumbai. The company is known in Indian retail and fashion sectors, operating supermarket chains Big Bazaar and Food Bazaar, lifestyle stores Brand Factory and Central, integrated foods and FMCG manufacturing sectors.

Detailed explanation-2: -The company was unable to pay off its debt, and ultimately Kishore Biyani (the founder and CEO of the future group) had to sell the company to Reliance Retail.

Detailed explanation-3: -The lease of over 950 properties, where the stores of several Future Group outlets like Brand Factory, Central, Big Bazaar and Easy Day used to operate, were transferred from Future Group to Reliance Retail in early 2021 by the landlords after Future Group was unable to pay the rent.

Detailed explanation-4: -As Future Group reduces its store count, Reliance will now rebrand those 200 stores as its own stores. Reliance is now in the process of also transferring 30, 000 Future Retail and Future Lifestyle employees over to its manpower and staffing arm called Reliance SMSL.