Kishore Biyani led Future Consumer Enterprise Ltd (FCEL) will consider re-alignment of the business dealing in distribution of food and FMCG products through a franchisee arrangement.
The company has informed BSE that a meeting of the Board of Directors of the company will be held on December 26 to consider and approve the demand.
“Re-alignment of the part business undertaking of the company, concerning distribution of food and FMCG products, by way of operating through franchisee arrangement will be considered,” FCEL stated in a BSE filing. If the move gets a go-ahead, the company is going to generate number of franchise opportunities since it is a major market player in this category.
“Issue of compulsorily convertible debentures on preferential basis, issue of warrants, convertible into equity shares, to promoters and/or promoter group entities on preferential basis, issue of non-convertible debentures on private placement basis or otherwise and convening of an extra ordinary general meeting of shareholders in respect of matter(s) inter alia will also be taken up,” it further added in the filing.
Earlier in August, FCEL entered into a 50:50 joint venture with Switzerland-based Mibelle AG to launch personal care products in early 2016, which will be manufactured in Switzerland.