Future Retail seeks FIPB approval

To raise FII stake to 49% from 24%.

Future Retail, the Indian retail giant, is seeking FIPB approval of increasing it foreign institutional investor holding in the firm to 49 per cent from existing 24 per cent. The move will help Future Retail to attract foreign capital without getting affected of being associated with foreign partner. Biyani's Future Group has over 17 million square feet of retail space in 90 cities and 60 rural locations. He has so far managed to raise $170 million by taking venture capital arm Future Ventures public in March 2011. As part of the makeover, Biyani has split Pantaloon Retail into three: Future Retail, runs the hypermarkets; Future Lifestyle Fashions Ltd, manages fashion and lifestyle business; and Future Ventures India Ltd, the food, packaged consumer products and children’s publishing business.