Biyani scouts for foreign partner
Since talks are at an initial stage, it is yet to be decided on what percentage it can offload
August 04, 2011 | comments ( 0 ) |
The Kishore Biyani-controlled Future Group, the country's largest retail chain, has marked Ezone as its first target for a partnership with a foreign player. This might be the group's first tie-up with a foreign company after a committee of secretaries recently approved a proposal to increase the limit of foreign direct investment (FDI) in multi-brand retail to 51 per cent.
Talks were at an initial stage and the company was yet to decide on what percentage it would offload, said a Future Group spokesperson.
Ezone, which has more than 45 stores across India, is the consumer durable and infotech chain of the Rs 12,000-crore Future Group. It was separated from the flagship Pantaloons and made into a separate company earlier this year.
Besides Ezone, Future Group operates other retail formats like Pantaloons, Big Bazaar and Brand Factory.
- Reliance Retail & Jio to jointly launch new e-commerce platform
- CCI gives nod to Samara Capital-Amazon's joint bid to buy More
- SoftBank eyes 40% stake in FirstCry for $400 million
- Vivo India launches 'Vivo Xchange' program in partnership with Cashify.in
- Milkbasket expands operations to Bengaluru
- Manyavar launches another store in Punjab
- Ola raises Rs 150 crore from Flipkart's Co-Founder Sachin Bansal
- Ananth Narayanan steps down as Myntra Jabong CEO
- DailyNinja celebrates 15 million orders fulfilled
- John Jacobs looks to garner Rs 500 crore revenue by March 2021