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Monday, September 17, 2007

Future Group to raise Rs 2,000 cr from capital market

A Future Group company promoted by retail czar Kishore Biyani will hit the capital market in the next 3-4 months to raise Rs 2,000 crore in what would be the group's second public offer after Pantaloons India.

"We will raise Rs 2000 crore from a proposed IPO by one of our group company," Kishore Biyani CEO and MD of Future group said on the sidelines of an interactive session with Young Leaders Forum members.

Biyani, however, declined to name the company that would hit the capital market over the next three to four months.

"It is a new company and no one knows about it. You guess," was Biyani's reply when asked to name the group company.

Among the possible ventures which was expected to hit the market was logistics.

The group plans to invest in a big way in logistics business and reportedly raise USD 500 million for the same. Logistics business would provide the group to stay competitive from the new large players in retail.

Biyani, speaking about his retail expansion plan, said that the company plans to expand its small retail format targeted at urban poors.

"I want to increase the retail outlets for urban poor," Biyani said who has stores of all consumer category.

The group has several retail formats including the garment brand Pantaloons, supermarkets Big Bazaar, specialty stores Central and Home Town and online market place Future Bazaar.

He also said he would launch the Central brand in Kolkata shortly and location has already been identified for the store.


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