Future Consumer Enterprise Ltd (FCEL), the food and FMCG arm of Kishore Biyani-led Future Group, has acquired the remaining stake in convenience stores chain Nilgiri's run by The Nilgiri Dairy Farm Pvt Ltd for an undisclosed amount.
FCEL had bought 97.97 per cent stake of The Nilgiri Dairy Farm and its subsidiary companies last November. It has snow acquired the remaining 2.03 per cent.
It was founded way back in 1905 by Mudaliar family. In 2005 private equity firm Actis picked a majority stake in the company in one of the rare buyouts in India, back then. It is estimated to have put around Rs 300 crore or more in the firm.
Nilgiri's has 1,405 outlets spread across Kerala, Karnataka, Andhra Pradesh and Tamil Nadu. With the acquisition, FCEL expanded geographically by increasing its footprint of convenience stores in south India. FCEL's business prior to the deal was concentrated in north and west India.
FCEL (formerly known as Future Ventures) is a part of Future Group that operates modern retail networks in 102 cities and 60 rural locations though its various retail brands.
Besides its food product brands FCEL also houses convenience and supermarket chains KB's Fairprice and Big Apple. It is also into food parks business.
FCEL had bought the consumer products division of the diversified Aditya Birla Group firm Grasim Industries Ltd in May this year. Prior to that, the company acquired Aadhaar Wholesale Trading and Distribution Ltd, a rural retail distribution unit, by taking the remaining stake from JV partner Godrej Agrovet Ltd and Anamudi Real Estates LLP.