Blackstone invests Rs 1,750 cr in Future Lifestyle Fashions, buys 6% in Ryka
New Delhi: Leading global investment firm Blackstone has invested Rs 1,750 crore in Kishore Biyani led Future group firm Future Lifestyle Fashions Ltd (FLFL). "Funds managed by Blackstone have invested Rs 1,750 crore (including by way of debentures) in Ryka Commercial Ventures, the holding company of FLFL," the company said.
It further added that: "With this transaction, Blackstone will be the only financial partner in Ryka. As a part of the transaction, Blackstone has also acquired a 6 per cent stake in FLFL through a block deal with Ryka."
"FLFL and the Future Group are expected to benefit from Blackstone's portfolio operations team to create value in its business," the statement said.
The fund would be utilised to "retire/pre-retire" all existing financial obligations of Ryka.
"We have been impressed with the business that Kishore Biyani has built at Future Group and are delighted to support Future Group in this journey," Kishore Moorjani, Head of Blackstone Tactical Opportunities, Asia said.
As on September 30, 2019, FLFL has 349 stores measuring 7.3 million sq feet retail area.