Kishore Biyani assures Future Group retail business will be unaffected by family office fundraising
“The family office has raised about Rs 3,000 crore, which will help us diversify investment and portfolio at the family level,” Biyani told ET Bureau.
“This is one of the largest deals in the country at the family holding company level… The listed companies in consumer and retail will remain unaffected in terms of shareholding as funds raised are at the family level in ancillary businesses.”
The US-based footwear brand Skechers is one of the investors and will pay Rs 580 crore for an additional 51 percent stake in a joint venture with the business. AION Capital Partners has also invested Rs 1,400 crore in a Biyani family holding company. The Italian insurance firm Generali Group has bought an additional 23 percent stake in Future Generali, Future Group’s joint venture with the business, to take its total stake to 49 percent.
Future Group’s three main businesses, Future Lifestyle Fashions, Future Consumer, and Future Retail’s combined sales recently reached Rs 31,000 crore up from Rs 17,464 crore in 2014.
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