Future Consumer Enterprises Ltd (formerly known as Future Ventures), the food and FMCG arm of Future Group, has informed BSE that it has acquired 100 per cent shareholding in Future Agrovet Ltd (FAL) from Future Retail Ltd (FRL) and other shareholders.
FAL is engaged in procuring, processing and supplying agricultural commodities in loose and packaged form under various private brands in addition to dealing to other branded/ non-branded products. It supplies to various formats such as Food Bazaar, KBs Fair Price, Big Apple, Aadhaar, etc., besides other institutional and general trade clientele. It has about 48 distribution centres at 32 locations across 16 states.
The sales turnover of FAL, for the financial year 2012-13 was Rs 1,014.67 crore with Ebidta of Rs 15.25 crore.
The network of collection centers, processing and warehousing facilities of FAL is considered a positive for the urban and rural distribution formats of the company.
Future Retail (formerly known as Pantaloon Retail) serves customers in 95 cities across the country through around 10 million square feet of retail space. It operates through multiple retail formats in both the hypermarket, supermarket and home segments of the Indian consumer market.
(Edited by Joby Puthuparampil Johnson)