The financial condition of the businessman who brought the culture of shopping in malls to the people has become very bad. This businessman is deeply in debt. The situation is such that now they have had to sell even the oldest mall in Mumbai. We are talking about Kishore Biyani, owner of Future Group, who is now in deep trouble since the time of the pandemic.

Kishore Biyani, promoter of Future Group, which is facing a debt crisis, has paid the huge dues by selling his mall. According to the report of Economic Times, Future Group has made a one-time settlement of Rs 476 crore. The company has paid dues of Rs 571 crore to the lenders of Bansi Mall Management Company. This amount is an 83 percent recovery of the outstanding amount for the lenders. 

Mumbai's oldest mall passes away: 
According to the report, K ​​Raheja Corp completed the deal to buy the mall on Monday. K Raheja Corp made payments directly to the banks, in return for which the money was transferred to the mall company. This mall is the oldest mall in Mumbai, which was owned by the Biyani family, but now K Raheja Corp has purchased SOBO Central Mall. 

The condition of the mall deteriorated during COVID-19. 
Mumbai's SOBO Mall was completely closed during Covid. There is still a 1.5 lakh square feet area available for lease in this mall, but due to the closure of most of the shops after Covid, no buyers are being found for rent, due to which the company running it, Bansi Mall Management, A loan of Rs 571 crore was incurred. In such a situation, this mall now has to be sold. 

How much debt does the company owe to banks? 
This company owes Rs 131 crore to Canara Bank, and Rs 90 crore to Punjab National Bank (PNB). Apart from this, Union Bank owes Rs 350 crore to Future Brand. 

How did Biyani reach the floor from the throne? 
Born in the family of a textile businessman, Biyani started his business journey in the 1980s by selling stone-washed denim fabric. However, after this, he entered the retail business and started a company called Men's Wear Private Limited in 1987, whose name was changed to Pantaloon Fashion India Limited in 1991. The IPO of this company came in the year 1992, while in 1994 stores started opening across the country. 

Big Bazaar was 
started in 2002 under Future Group, which was expanded to many cities through stores by 2003. This was a store that was known for selling goods at cheap prices. Due to this, soon its stores started opening across the country. With the growth of the Future Group chain, Biyani also progressed a lot. The situation was such that he joined the list of the top 10 rich people in the world. He even came to be called the king of retail. His net worth was $2.8 billion in 2017, which decreased to $1.8 billion in 2019. 

Many companies are going through the bankruptcy process, 
however, their crisis came after the economic crisis of 2008. To overcome this, Biyani sold his entire stake in Pantaloon to Aditya Birla Group, but even after this, Future Group had an outstanding of about Rs 6 thousand crores. This company continued to run till 2019 and during a deal with Amazon, the loan was repaid by selling some stake, but after the arrival of Corona, the company was completely drowned in debt and the situation is that many companies of Future Group are now going through the bankruptcy process.