"Talks are going on but nothing has been finalised so far," a person privy to the development said. Earlier, the Future Group was also exploring stake sale opportunities in Future Retail
with PremjiInvest, the family investment arm of Wipro Chairman Azim Premji, and private equity firm Samara Capital.
Stating that the Future Group was in talks with PremjiInvest and Samara Capital for stake sale in Future Retail, he said the negotiations with RIL also include other retail units. When contacted, the Future Group declined to comment on the development.
If any deal is finalised, then it would be a breather for the Future Group, as promoter Kishore Biyani
had defaulted on loans in March. Various rating agencies like Standard & Poor's and Fitch downgraded credit ratings of Future Retail
after the default and invocation of pledged shares by lenders. The Promoter & Promoter Group held 40.31 per cent stake in Future Retail as of March 31, 2020.
Future Retail operates 1,500 retail stores that cover over 16 million square feet of retail space in 400 cities. It has large format stores, Big Bazaar, its flagship chain, besides small store neighbourhood retail chains, EasyDay Club and Heritage Fresh.
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