Future Consumer Enterprise Ltd, the food and FMCG arm of Kishore Biyani-led Future Group previously known as Future Ventures, is acquiring 73.89 per cent in Integrated Food Park Private Limited, which is setting up a food park admeasuring about 110 acres at Tumkur, Karnataka, as per a stock market disclosure.
The firm did not disclose the deal or the structure of the transaction.
Integrated Food Park Private Ltd (IFPPL) is a Public Private Partnership (PPP) project which has been approved by the Ministry of Food Processing Industry (MFPS) to set up Mega Food Park (MFP) in Karnataka with Future Group’s flagship Future Retail, Capital Foods (a previous portfolio firm of Future Consumer) and Bangalore-based Salarpuria Group’s real estate firm Sattva as its promoters.
At the same time, Future Consumer’s board has approved a proposal to acquire 50.01 per cent in a joint venture for setting up facility to manufacture oats and other breakfast cereals in Sri Lanka. It did not share details of the joint venture partner or the investments involved.
The company ended FY14 with revenues of Rs 807 crore with net loss of Rs 6.95 crore. For the fourth quarter ended March 31, 2014, it reported net sales of Rs 315.6 crore with net loss of Rs 30.8 crore.
(Edited by Joby Puthuparampil Johnson)