VMIL officials declined to comment on the development. According to sources close to the development, VMIL will sell stake to raise money for expanding Hungama, the content and mobile services arm. The Mumbai-based company has already held two to three rounds of meetings with these private equity investors. The company's valuation has been pegged at Rs 800 crore (Rs 8 billion). The funds raised would be used for Hungama's expansion.
'The idea of modern retail is to drive consumption and grow the economy. If international retailers can do that and add new categories, why not?' asks Kishore Bayani of the Future Group.
The JV will be set up in about 8-10 cities, including Hyderabad, Ahmedabad, Kolkata, Bangalore, Indore, Jaipur, Pune, Delhi and Mumbai. The investment is expected to provide significant synergies to the Future Group, which has a large advertisement budget and aligns well with the group's businesses such as Future Media, which has interests in media and advertising.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
The venture, on the lines of Kishore Biyani's Future Ventures India, will focus its investments in the information technology sector, said a source familiar with the development.
Taking advantage of the absence of Nestl's Maggi noodles, Patanjali launched its own atta noodles last month.
India captain Mahendra Singh Dhoni and his Australian counterpart Ricky Ponting unveiled the 'Future Cup', the symbol of supremacy in the seven-match One-Day International series, beginning in Bangalore on Saturday.
The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country
Future Capital Holdings has decided to venture into the hedge fund business in the next three months.
Starbucks Coffee International, the world's biggest coffee chain is finally entering India.
Jamnalal Bajaj Institute of Management Studies is organising its annual business convention Strategym 2006.
L&T is planning a foray in PE fund in the real estate market with a Rs 4500 crore fund.
ETAM, the French lingerie brand that has a joint venture with Kishore Biyani's Future Group, recently pulled out of Palm Beach Galleria mall in Navi Mumbai, together with six other retailers such as grocery chain Foodland Fresh and Manoranjan sarees.
Future Capital Holding disclosed its plans to enter asset management and retail broking. A credit card tie up with ICICI bank is also in the pipeline.
Consumer durables major Videocon and Kishore Biyani's Future group have entered into an agreement to source consumer durables.
At the moment Concor, a public sector company controlled by the railways, has a monopoly in running container trains across the country. It offers ferrying rates to carry containers that are one-third of that on roads.
The details of assets submitted by Lokesh look strikingly different when compared with the declared assets of his family on October 19, 2016.
The tables have turned. Organised retail, which used to cite real estate as its first constraint, is being wooed by developers as there is a sudden surplus created by completion of pending projects and new construction. According to an industry analyst, the rental for a retailer used to constitute 4-5 per cent of its total revenue in the years 2001 and 2002, rising to 7-7.5 per cent in the later years. Industry analysts believe a retailer's profit would get eroded
The group, which employs nearly 26,000 employees, plans to cut employee costs by one per cent, or Rs 65 crore (Rs 650 million), in the current year by redeploying people in its various businesses and reducing new hirings. "Instead of external hiring, we have redeployed a part of our people resources from our mature businesses to the new ventures," Future Group CEO Kishore Biyani said.
The sale of Nature's Basket, Godrej's chain of food stores in west India, is the second exit by a big group in a year in the category
Though the exact amount of stake dilution is not known, Pantaloon Retail's Managing Director Kishore Biyani said the company would divest more than 20 per cent shares. Future Ventures will house the company's JVs and new ventures.
Today's Writing Products is entering retail of office supplies and stationery products with 500 retail outlets.
Kishore Biyani-promoted Future Capital Holdings' initial share sale, which closed its IPO on Wednesday, was subscribed nearly 131 times, as investors shrugged off shaky secondary market sentiment after the benchmark Sensex tumbled nearly 860 points in the last two days.
The big boys of India's traditional retail have finally come together to fight the onslaught of their online counterparts.
Delhi Airport has reduced the minimum annual guarantee paid by duty-free operator, Alpha Future.
Reliance Power is being touted as India's biggest ever IPO with an estimated size of over $3 billion, surpassing just over $2 billion raised by DLF. This would be the first ever IPO from Anil Ambani group after being carved out from the erstwhile Reliance empire in 2005.
International coffee chain Starbucks will send a revised application to the department of industrial policy and promotion for an entry into the Indian market.
India's retail giants, including Kishore Biyani's Future Group, Mukesh Ambani's Reliance Retail and Sunil Mittal-promoted Bharti group, have started negotiations with the railways for leasing land for retail development.
Confrontational advertising has become the order of the day in India with corporate houses taking on rivals head-on.
The potential of India's retail sector may be huge and growing, but soaring rentals, salaries and interest rates could make the journey a bumpy ride for retailers in the near term.
The facility will be available at four of Future Group's Big Bazaar outlets in Mumbai. Cleartrip will soon extend this tie-up to other Big Bazaar outlets in the city as well as other metros.
Kishore Biyani, managing director, said the initial public offer would raise around Rs 2000 crore (Rs 2 billion), but refused to comment on the nature of the new company.
The issue will carry a small price band to make it affordable to the retail investor. The company will issue 3,736.15 million shares.
Future Media, the media company of Kishore Biyani's Future group, announced the acquisition of on-screen media rights of all Inox Leisure multiplexes in the country for the next two and half years.
Future Cap's IPO was subscribed 8 times over on the second day of is issue.
Future Capital IPO was fully subscribed within four hours of its opening. The company is expected to raise Rs 490 crore through the IPO.
As organised retailers try to squeeze margins, Kishore Biyani-promoted Future Group has replaced PepsiCo's Frito Lay snacks with ITC's Bingo at its Big Bazaar and Food Bazaar stores.
Global retail major Wal-Mart's entry into India through an alliance with Bharti Enterprises could change the market dynamics, but domestic player Pantaloon Retail India Ltd appears game to take on the competition.
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