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Last Updated : Sep 18, 2012 09:15 AM IST | Source: CNBC-TV18

Future Group all-set to bite Big Apple

Kishore Biyani's Future Group is all set to take a big bite in the food retailing space. The company is all-set to acquire Delhi-based conveneince store chain, Big Apple, to bolster its position in the Delhi-NCR region, reports Farah Bookwala of CNBC-TV18.


Kishore Biyani's Future Group is all set to take a big bite in the food retailing space. The company is all-set to acquire Delhi-based conveneince store chain, Big Apple, to bolster its position in the Delhi-NCR region, reports Farah Bookwala of CNBC-TV18.


This is an action packed year for Kishore Biyani's Future Group, which is not only on a major consolidation spree, but is also looking to make key acquisitions in areas of its core competency that is the food retailing business.


According to sources, Future Group is all set to acquire the Delhi-based convenience store chain, Big Apple. Big Apple is a unit of Express Retail Services, which is a joint venture between Lalwani Holdings & Chaurasia Group, which has its interest in the retail and the FMCG space in Delhi.


Now Future Group will acquire all 65 Big Apple stores, which operate out of the Delhi and the NCR region as well as its other retail assets. The deal size is pegged at about Rs 100 crore and will be funded through internal accruals of the Future Group.


The projected timeline for this deal is next two months, post which Big Apple will become a part of Future Ventures India Limited, which is the part of the Future Group.

Big Apple is going to bolster Future Group's presence in the Delhi and NCR region by supplementing Future Group's existing mass level format which is KB Fair Price. KB Fair Price already has about a 100 stores in the Delhi and NCR region and more importantly it would also expose Future Group to a huge customer base in the Delhi and NCR region, which the Future Group would acquire through Express Retail's home delivery segment that is the day-to-day brand.

First Published on Sep 17, 2012 06:28 pm
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