Future Market Networks Ltd (formerly Agre Developers Ltd), promoted by Kishore Biyani-led Future Group, is acquiring a 2.75-acre piece of land and an associated shopping mall in Madhya Pradesh for Rs 37.51 crore ($6.23 million), according to a stock market disclosure.
"The company has entered into a memorandum of understanding to acquire land admeasuring 11,156.93 sq metres along with a 4,00,000 sq ft shopping mall situated at Ujjain, Madhya Pradesh for Rs 37.51 crore," it said in the filing to BSE.
The firm did not reveal the name of the property being acquired but said it will rebuild the mall and change its name.
Founded in 2008, Future Group's real estate arm Future Market Networks is engaged in setting up shopping malls and consumption centres. The company provides retail infrastructure and infra logistics services. Its wholly owned subsidiaries include Agre Properties & Services Ltd and Precision Realty Developers Pvt Ltd.
In 2010, Future Market Networks was demerged from Pantaloon Retail (India) Ltd; it currently focuses on retail real estate, infra-logistics parks and development of wholesale markets. Kishore Biyani’s Future Group holds 68.7 per cent stake in the firm through various entities.
Early this year, it had decided to sell its stake in Calcutta Riverside project for Rs 33 crore.
(Edited by Joby Puthuparampil Johnson)