Kishore Biyani’s Future Group is
believed to be in advanced talks to acquire Foodworld Supermarkets – a grocery
store chain prevalent in South India.
If
the deal bears fruit, this will be Future Group's sixth
acquisition. In the second half of 2017, the firm acquired Hypercity from K
Raheja to have a more prominent presence in the western market. The firm already
owns Globus Retail, H&R Johnson and Exide Industries, among
others.
The firm, by this strategy of
aggressively adding stores, will be able to multiply its revenue to Rs
75,000-1 lakh crore by 2021. Future Retail is currently present in 253 cities
through 930 stores. The firm plans to double the Easy Day store count to 1,000
within the next 18 months instead of focusing on expanding its major retail Big
Bazaar stores.
Foodworld was earlier a division of
Spencer & Co., but later became a separate firm in 1999. As of now, it is
owned by the two-year old merged entity, Arko Enterprises and Health & Glow
Retailing. Last fiscal term, the grocery retailer posted a Rs 2.3 crore profit,
which they gained from 36 grocery stores and 121 Health & Glow cosmetic and
beauty stores.
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