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Fung Capital Picks Up 26% In Future Logistics For $30 Million

By TEAM VCC

  • 20 Jul 2009

Hong Kong-based private equity firm Fung Capital has agreed to invest about $30 million for a 26% stake in Future Group's logistics arm Future Supply Chain Solutions. The company will use the capital to expand the firm's supply-chain network.

The agreement was signed today in Hong Kong between Future Group founder and CEO Kishore Biyani and Fung Capital, the private equity investment arm of the Li & Fung Group.

The capital will be investd in phases with $10 million coming in immediately. PTI reported, quoting Biyani, that Fung Capital has taken up to 26 per cent stake. A statement said that the capital would be used for enhancement of the logistics infrastructure, strengthening of technology platforms and expansion of supply chain network of the company.

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The company would also change the name from Future Logistics Solutions to Future Supply Chain Solutions. The company currently operates 30 supply chains, services over 1,100 retail outlets with a fleet of over 500 vehicles playing across India.

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