Future Group ready for more sell-off
21 Jun 2012 12:30 AM GMT
After announcing stake sale in Pantaloon and Future Capital, Kishore Biyani led Future Group is readying itself for more sell off, including Future Supply Chain and Staples Future Office Products.
The group, laden with an estimated consolidated debt of Rs 6,000 crore, is also mulling stake sale in Future Generali Insurance, a joint venture with Italian insurer Generali Group, according to people close to the development.
When contacted Pantaloon Retail joint managing director Rakesh Biyani said: ‘We are looking at opportunities to raise money by selling stakes in non-core retail businesses.’ He did not provide any timeline or specific details of the proposed transactions.
Sources, however, said the group is holding discussions with interested parties to sell off ownership in Future Supply Chain [FSC] and Staples Future Office Products.
The group may hive off part of its 70 per cent stake in FSC, a supply management firm. The remaining 30 per cent is held by Hong Kong-based Li & Fung, which is also interested in increasing its stake in the company, a source said, adding an announcement on Future Supply Chain is expected by July-end.
Similarly, Future Group is also looking to dilute holding in Staples Future Office Products, a JV between the company and Staples Asia Investment. A deal is likely to be sealed in the next couple of months, the source said.
The group, laden with an estimated consolidated debt of Rs 6,000 crore, is also mulling stake sale in Future Generali Insurance, a joint venture with Italian insurer Generali Group, according to people close to the development.
When contacted Pantaloon Retail joint managing director Rakesh Biyani said: ‘We are looking at opportunities to raise money by selling stakes in non-core retail businesses.’ He did not provide any timeline or specific details of the proposed transactions.
Sources, however, said the group is holding discussions with interested parties to sell off ownership in Future Supply Chain [FSC] and Staples Future Office Products.
The group may hive off part of its 70 per cent stake in FSC, a supply management firm. The remaining 30 per cent is held by Hong Kong-based Li & Fung, which is also interested in increasing its stake in the company, a source said, adding an announcement on Future Supply Chain is expected by July-end.
Similarly, Future Group is also looking to dilute holding in Staples Future Office Products, a JV between the company and Staples Asia Investment. A deal is likely to be sealed in the next couple of months, the source said.
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