Kishore Biyanis Future Consumer Enterprise, a part of his own Future Group,acquired 98% stake in the iconic southern supermarket Nilgiris at an estimated cost of Rs.300 Cr on Friday, 21 November 2014.. Future Consumer Enterprise is understood to have acquired a 65 per cent stake in Nilgiris from PE fund Actis Capital and the balance from the company’s promoters, the Mudaliar family. The Nilgiri Dairy Farm, the retailer’s operating company, will now become a subsidiary of Future Consumer Enterprise. The buyout of Nilgiris, with its franchise-operated convenience stores, will help Future Consumer Enterprise expand its footprint in Kerala, Karnataka, Andhra Pradesh, Telangana and Tamil Nadu, where it lacks a broad presence. The acquisition of Nilgiris is synergistic as it enables strengthening and expanding of their convenience stores through franchises and also brings in new manufacturing capabilities and brands.. Future Consumer Enterprise already has convenience store formats such as Big Apple (acquired in 2012), KB’s FairPrice and Aadhar. The retail formats will cross-sell each other’s products and they will also be sold through the Future Group’s retail outlets, Viz. Big Bazaar, Central and Food Hall. Courtesy: Business Line web pages
Posted on: Sat, 22 Nov 2014 03:52:52 +0000
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