Future Retail to expand retail presence with Rs 100 crore acquisition of TNSI

By

Maverick Martins

Published
Jan 22, 2018

Future Group’s retail entity Future Retail has announced that it will be acquiring Travel News Services India (TNSI) for Rs 100 crore (approx $15.7 million) to consolidate its retail business especially at airports, metro stations and universities.
 

TNSI has a strong presence at travel and educational hubs with retail outlets across India which is expected to further strengthen Future Group’s overall network in the country. Future Retail has been busy acquiring companies to expand its base.
 
Last year it had acquired retail chain Hypercity from Shoppers Stop Ltd for Rs 655 crore (approx 100.5 million) in a part cash and part stock deal.

"The company has approved the acquisition of entire equity share capital of TNSI from its existing shareholders and also executed share purchase agreement and related documents for the proposed transaction," Future Retail , said in a BSE regulatory filing.
 
“Future Retail will pay Rs 85 crore (approx $13.3 million) to the sellers in proportion to their holding in TNSI for acquisition of shares and will give an additional consideration of Rs 15 crore (approx $2.4 million) subject to the fulfilment of other specified obligations”, it further said
 
For the financial year 2016-17, TNSI had a consolidated turnover of Rs 132 crore (approx $20.7 million) while Future Retail had posted revenue of Rs 17,075 (approx $2.7 billion) posted with profit of Rs 366 crore (approx $57.3 million).
 
Future Retail currently has around 914 operational stores across Big Bazaar, FBB, Easyday, Foodhall, ezone and Home Town in 253 cities across India.