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Last Updated : Nov 26, 2019 11:24 AM IST | Source: Moneycontrol.com

Japan's Mitsui eyes food supply venture with Kishore Biyani's Future Group: Report

Mitsui is reportedly looking to invest either in Biyani’s Galaxy Cloud Kitchen or a separate venture

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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.

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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.
At 11:16 hours, the Future Enterprises stock was quoting at Rs 22.60, up Rs 0.45, or 2.03 percent.


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First Published on Nov 26, 2019 11:23 am
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