Just a few hours back, India’s biggest e-retail deal between Walmart Inc. and Flipkart took the final shape. And now, another Indian retail company, Future Group has decided to sell its share.
Kishore Biyani, Founder, Future Group, reportedly stated that he will be selling minority shares to the retailer. Although, Biyani decided not to take names in his comment to ET, it has been reported that he had meetings with both US retail giants – Amazon and Walmart who are now officially batting out in the Indian retail chain.
He further maintained that in the future there will be collaborations but Future Group’s partnership will be the strongest of them all. “We have a strong market space in fashion, home and food. In future, alliances are bound to take place and we want ours to be the best,” said Biyani.
Even with the retail sector going through a transformation, the Indian Government does not allow foreign investment in multi-brand retail but there are options to get Foreign Direct Investment; like Amazon managed to get by using its investor to buy 5 per cent share in Shoppers Stop.
Last six years have seen Biyani acquiring six supermarket retail stores with an expansion of 13.6 million sq. ft. of retail space. In national presence, only Reliance retail (which opened nearly 70+ stores recently) comes close to Future Group.
Markedly, Future Group runs fashion and lifestyle stores like Brand Factory and Central across the country.
More updates will be shared soon.
