Future Group may acquire NCR based Big Apple chain of food and grocery stores, reports BS. Though the exact valuation is not known, the final deal size could be close to R250Cr.
Big Apple Chain is owned by Express Retail Services Ltd, a joint venture of Lalwani Holdings and the Chaurasia Group. The company started operations in 2005. It had also planned to open 100 stores by August, 2007, by expanding in Karnataka and Gujarat. But the plans did not go through. It currently operates 65 stores in and around NCR.
The company recently forayed into home delivery format under 'Day2Day' brand. With the new format, the company is eyeing a customer base of around two lakh families in Delhi and NCR in the next 30 months targetting revenues of R400Cr.
Last year, the company also announced it's plans to the wholesale segment by launching a new format. The wholesale venture was to be launched by Thinkfresh International Pvt Ltd, a subsidiary of Express Retail Services.
The company is talking to Japan’s Mitsubishi Corporation and Lawson for a stake sale in it's food sourcing business. According to a news report, Future Group is planning to form a holding company where his group’s stakes in the various operating companies will first get transferred and then the foreign partner will pick upto 49% stake.
That would cover the food parks, the agri and dry grocery sourcing unit Future Agrovet, Future Farm Fresh, the fresh fruits and vegetables sourcing entity, private label divisions like Capital Foods and Future Consumer Enterprises, and the cash-and-carry distribution set-ups of Aadhar, and KB’s Fair Price stores.
The company is also planning to exit it's office products retail JV with Staples JV as a part of it's plans to raise funds to focus on it's core business of foods and fashion.
Pantaloon is expecting to raise upto R200Cr by selling it's 39.49% stake in Staples Future Office Products Ltd, read this.
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