Future Consumer raises Rs 200 cr from Britain's CDC Group

Future Consumer, the FMCG division of the retail major Future Group, has raised Rs 200 crore through issuing non-convertible debentures to the British development finance institution CDC Group.

The money will be used primarily to finance capex, long-term working capital and support the growth of the business, the company said in a statement today.

The NCDs, with a seven-year tenure, has lower cash coupon rates in the first two years coupled with repayments starting only after three years.

Both the partners will also explore, evaluate and implement areas of co-operation to enhance development impact by providing support across FCL's network of smallholder farmers, suppliers, customers amongst other areas in a mutually agreed timeframe, according to the company.

"As an integrated farm-to-plate company, we at Future Consumer responsibly impact farmers, producer groups, consumers and every stakeholder in our ecosystem. We along with CDC plan on working towards furthering this agenda," Kishore Biyani, vice chairman, Future Consumer said.

Future Consumer narrowed its consolidated net loss to Rs 3.09 crore for December quarter from Rs 11.26 crore in the year-ago period. Its total income grew 41.33 per cent to Rs 788.66 crore, against Rs 558.02 crore.