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Mitsubishi surprises Biyani, wants stake in flagship Big Bazaar

After sale to Birlas, Future to close 4 deals by month-end

Japan’s Mitsubishi Corporation has sprung a surprise on Kishore Biyani by asking for a piece of Big Bazaar, Future Group’s flagship retail business. Sources familiar with the development said the Japanese giant had made it a pre-condition to invest in Future Group’s food sourcing and back-end infrastructure. The two sides discussed the issue in the US last week and the Japanese company even suggested a convertible structure that would allow an equity exposure in Big Bazaar, as and when foreign direct investment was allowed in multi-brand retailing. Currently, both Big ...