'I thought there was no other answer but to exit the business': Kishore Biyani
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New Delhi, Oct. 14 -- A series of acquisitions over the last few years compounded by the covid-19 crisis that rendered several businesses to temporarily halt in India, prompted Kishore Biyani to sell his chain of retail stores, warehousing and logistics business to Reliance Retail in a slump sale amounting to Rs24,713 crore earlier this year.
"I think with this business, we got into a trap, to be very honest with covid...if you look at the first 3-4 months, we lost around nearly Rs.7,000 crore of revenues and there was no way we would have survived losing Rs.7,000 crore of revenue. The problem is, the rent doesn't stop and the interest doesn't stop." he said. Biyani was speaking to B. S. Nagesh, Founder, TRRAIN & Chairman and non-executi...
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