Hotline: 1800 102 2007
X
Search Business Opportunities
Jun, 08 2018

PremjiInvest invests Rs 1,700 cr on Future Retail, buys 6%

After the transaction, Sunil Mittal-led Bharti will still own 3% in the company through its group entity Cedar Support Services.

The family office of Wipro founder Azim Premji, PremjiInvest has confirmed mega investment of $250 million, or Rs 1,700 crore, to pick up 6% in Kishore Biyani-led Future Retail. Premji bought shares from the Bharti Group in a block deal, the company informed the exchanges on Thursday.
 
The largest in brick-and-mortar retail appeared in the Wednesday reports of a financial daily. After the transaction, Sunil Mittal-led Bharti will still own 3% in the company through its group entity Cedar Support Services. Calls and text messages to PremjiInvest chief investment officer T K Kurien didn’t elicit a response till the time of going to press.
 
A total of Rs 575 crore from the Rs 1,700-crore transaction is expected to go into Future Retail’s kitty to through a clawback provision. Future Retail’s network comprises of Big Bazaar, fbb and Foodhall, Easyday Club and eZone. As of March 31, Future Retail has 1,035 stores across 321 cities covering 14.5 million sqft. PremjiInvest is already an investor in one of the group entities, Future Lifestyle Fashions. It held around 8% in Future Lifestyle, but sold half of its stake to private equity major L Catterton Asia, which recently bought a 10% stake in the branded apparel retailer. Biyani’s latest fund-raise comes amid speculation that Amazon is eyeing up to 10% stake in Future for $400 million.
 
Biyani’s latest move also comes at a time when global retailers are eyeing a bigger slice of the country’s retail landscape with e-commerce giants Amazon and Flipkart squaring up for a slug fest. US retail giant Walmart struck a mammoth deal with Flipkart, pumping $16 billion into the homegrown e-commerce biggie, valuing it at $21 billion, in May.
Comment
image
Related opportunities
  • Quick Service Restaurants
    About Us: “Barottas” a new word in World Cuisine! A first..
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Electric Vehicles (E-Vehicles)
    About Us: India’s First –Ever Electric Bike- Rental/Taxi/Delivery Platform e-Bike is a..
    Locations looking for expansion New Delhi
    Establishment year 2007
    Franchising Launch Date 2018
    Investment size Rs. 50lac - 1 Cr.
    Space required 1100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi New Delhi
  • American Kidz, the pioneers in the field of Language training,..
    Locations looking for expansion Uttar Pardesh
    Establishment year 2009
    Franchising Launch Date 2010
    Investment size Rs. 2lac - 5lac
    Space required 1200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater MEERUT Uttar Pardesh
  • Tea and Coffee Chain
    About Us: The brand Chachago was created to raise public awareness..
    Locations looking for expansion Maharashtra
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities