It's confirmed, Future Group buys South India-based store chain Nilgiri
Fast moving consumer goods (FMCG) major Future Consumer Enterprises Friday acquired the south India based convenience store chain Nilgiri.
Mumbai: Fast moving consumer goods (FMCG) major Future Consumer Enterprises Friday acquired the south India based convenience store chain Nilgiri.
"This acquisition is synergistic as it enables strengthening and expanding through franchises," said Kishore Biyani, group chief executive, Future Group.
However, the company did not divulge any transaction details.
Nilgiri, which was established way back in 1905, has a foothold in four key south Indian states via its 140 outlets. The company also owns several brands dealing in dairy, bakery and chocolate brands.
According to the company, a select product range of the brand is also retailed in store bakeries, which are managed and operated by eight distribution centres with a a fleet of vehicles, including refrigerated vans to supply its dairy, bakery and chocolate products.
The company added that acquisition will lead to its geographical expansion of the convenience store business as at present the company's store business is primarily located in north and west India.
The company also plans to introduce Nilgiri's indigenous dairy, bakery and chocolate products to stores.
Retail giant Future Group has confirmed acquisition of online furniture store FabFurnish. This is the first online acquisition that the Kishore Biyani-led group has made.
"We are looking at retail business of Rs 40,000 crore by next year; out of which Hyderabad will contribute Rs 4,000 crore," Future Group CEO Kishore Biyani said
aving entered consumer goods business with a dedicated food park, the Kishore Biyani-led Future Group on Wednesday said it is looking to acquire a cold chain logistics company to help distribute its products.