Future Group to acquire Nilgiris

Estimated cost of acquisition is Rs 175 crore

Future Group is all set to take control of southern supermarket chain Nilgiris in a deal valued at between Rs 150 and 175 crore. And, as per the terms of this deal, Future group would acquire the 65 per cent stake held by UK-based PE firm Actis, point out media reports.

In return, Actis will get a minority stake in Future Consumer Enterprise, or FCEL, which runs the group's private brands business, and grocery stores like KB's Fair Price, Big Apple and Aadhaar. Actis declined to comment on this development.

Actis had acquired a controlling stake for about $65 million in this Bangalore-based retailer in 2006.