Future Grp & Staples split apart

Future Group to exit stationery JV with Staples, sell for Rs 170 crore.

Future Group and Staples Asia Investment have reached at an understanding to call off their JV. Future Group will be selling its stake to the partner for Rs 150- 170 crore. Pantaloon Retail India holds 39.5 per cent stake in the JV -- Staples Future Office Products (SFOP).

Speculations had suggested that disinvestment from Insurance, Stationery, consumer electronics chain and home furnishing network would add up to the tune of Rs 1,650 crore.

Future Group has seen its debt going up from Rs 3,858.26 crore in 2008-09 to Rs 7,846.14 crore in 2010-11 of which the core retail business alone, the debt stood between Rs 5200 crore to Rs 5800 crore.