Bank of India (BoI) has classified the loan account of Future Enterprises Ltd (FEL), promoted by Kishore Biyani, as fraud. The account is already categorised as a non-performing asset (NPA) in the public sector lender’s books.
According to a regulatory filing, FEL owes BoI ₹575.40 crore. The bank has made full provisions against the outstanding exposure.
“Pursuant to the applicable provisions of SEBI (LODR) Regulations, 2015 and the Bank's "Policy on determination and disclosure of Material events / information", we inform that Non Performing Asset (NPA) as detailed below has been declared as fraud,” the state-owned lender said in a BSE filing on Tuesday.
“SI. No.: 1; Account / Company Name: FUTURE ENTERPRISE LTD.; Amount outstanding (₹ crore): 575.40; Provision held (₹ crore): 575.40,” the filing noted.
BoI said the decision was taken in accordance with its policy on the determination and disclosure of material events and information.
Future Group’s financial woes deepen
The development adds to the financial troubles of the Future Group, which once built a significant presence in India’s organised retail market through brands and formats such as Big Bazaar, Central Mall and Brand Factory.
Future Retail Ltd, the group’s flagship company, was admitted to the corporate insolvency resolution process (CIRP) by the Mumbai bench of the National Company Law Tribunal (NCLT) in February 2023. The group reportedly owes lenders ₹6,278 crore, including Union Bank of India, Bank of India, Bank of Baroda, State Bank of India, Axis Bank and IDBI Bank. The group’s aggregate dues to banks are estimated at around ₹30,000 crore.
Biyani, who was a prominent figure in India’s retail expansion during the 1990s and 2000s, saw his business empire come under severe pressure amid mounting debt and legal disputes. The Covid-19 pandemic, particularly its second and third waves, further strained the group’s finances and its ability to service debt.
In August 2020, the Future Group agreed to sell its retail, logistics and warehousing businesses to Reliance Retail, part of Mukesh Ambani-led Reliance Industries, for ₹24,713 crore. The proposed transaction was expected to help the group meet its debt obligations and settle payments due to vendors.
However, the deal ran into opposition from Amazon, which had acquired a 49% stake in Future Coupons, a Future Group entity, in 2019. Through this investment, Amazon had an indirect stake of around 3.5% in Future Retail. The e-commerce major challenged the proposed transaction, alleging that it violated contractual restrictions linked to its investment.
Recently, Biyani partnered with Zerodha co-founder Nikhil Kamath to launch The Foundery in December 2025. The venture is designed as a residential business launchpad that aims to help entrepreneurs develop startups and prepare them for investment through a structured 90-day programme.