New Delhi: Adding yet another feather to its cap, Kishore Biyani's Future group has acquired South India based supermarket chain Nilgiris.
The company has made an official announcement of the takeover by releasing a statement that says, "Future Consumer Enterprise Ltd ((FCEL) today completed the acquisition of the Nilgiris convenience store chain in the southern states of Kerala, Karnataka, Andhra Pradesh and Tamil Nadu."
However, the statement released by the company did not disclose the amount for which Nilgiris has been acquired by them.
Talking about the new achievement, Kishore Biyani, CEO, Future Group said, "FCEL's acquisition of Nilgiris, a leading food and grocery convenience store chain in South India having a unique portfolio of food brands supported by its own manufacturing facilities for dairy and bakery, is another step towards building a robust convenience store network in India."
Biyani further added, "This acquisition is synergistic as it enables strengthening and expanding convenience stores through franchises in an asset light model as well as brings in new manufacturing capabilities and brands within the company."
Nilgiris, a franchisee-operated convenience store chain has 140 outlets in key urban centres of south region. The supermarket chain also owns a portfolio of brands in dairy, bakery, chocolates and staples category with their own manufacturing facilities in Bangalore.
The acquisition by Future Consumer will lead to geographical expansion of the convenience store network in southern India, as its existing footprint is primarily concentrated in northern and western India, says company.
Significantly, the branded bakery and dairy products manufactured by Nilgiris will also be channelised across Future Group's existing channels, including Big Bazaar, Foodhall and Aadhaar, and also extended to other modern retailers, explains the statement released by future group.
Likewise, brands like Sunkist, Tasty Treat, Golden Harvest, Premium Harvest, Sach Ektaa, CleanMate and CareMate of the Future group, will be channelised through Niligiris store across India.