To launch wholesale cash & carry biz.
Kishore Biyani plans to launch a wholesale cash-and-carry chain in tie-up with Li & Fung, Hong Kong-based global trading firm. Li & Fung already holds a 26 per cent stake in Future Group's logistics business Future Supply Chains.
In the new venture, Biyani will own 74 per cent stake while the remaining 26 per cent will be in the hands of Fung Capital.
The first cash-and carry store, covering 10,000 sq ft will open in Bangalore in the next three months. The joint venture will leverage the global sourcing expertise and supply chain of Hong Kong-listed Li & Fung, the flagship firm owned by the Fung family.
Fung and Biyani are also partnering in a real estate development venture that seeks to build modern wholesale markets in various cities. These markets will be based on the Yiwu commodity market China, famous for its cluster of hundreds of small wholesalers.