Mitsui is reportedly looking to invest either in Biyani’s Galaxy Cloud Kitchen or a separate venture
Tokyo-based Mitsui & Co may invest in a venture with Kishore Biyani’s Future Group to supply fresh food to 7-Eleven convenience stores, reports The Economic Times.
It may invest either in Biyani’s Galaxy Cloud Kitchen or a separate venture. “Mitsui is exploring possibilities of investing in a venture with Future Group either though an existing company or in a separate venture,” a source told the publication.
The fresh food supplies business may also cater to Future Group’s FoodHall and Big Bazaar, as well as other quick service restaurants, a source told the publication.
Moneycontrol could not independently verify the report.
Mitsui & Co, a subsidiary of Japanese conglomerate Mitsui Group, supplies packaged foods, dairy products, livestock items, rice and cereals, ice-cream, instant foods and beverages.
SMHE Food brands, a subsidiary of Future Retail, will develop and operate 7-Eleven convenience stores in India. The first 7 eleven stores in India are expected to open in Mumbai early in 2020, the report added.In January, Biyani said that Future Group is working on a cloud kitchen that will deliver meals at Rs 40.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.