Kishore Biyani-promoted investment and business management firm Future Ventures India Ltd (FVIL) has invested an undisclosed amount in its subsidiary Indus-League Clothing Ltd (ILCL) through the subscription of 2 million unsecured, zero per cent optionally convertible debentures.
FVIL already holds 95.29 per cent of paid-up equity share capital in Indus-League, which houses brands like Indigo Nation, John Miller, Jealous, Scullers, Daniel Hechter and Urban Yoga. The company has market presence in India, Sri Lanka, the Middle East, the UAE and Bahrain.
Future Ventures also holds stake in the following companies through Indus-League – men’s apparel and fashion firm Celio Future Fashion (49.99 per cent), Lee Cooper (India) Ltd (100 per cent) and Turtle Ltd (26 per cent).
Indus-League ended FY12 with revenues of Rs 369.5 crore and net profit of Rs 3.75 crore.
In another development, Future Ventures has inked a co-operation agreement with rice processor and exporter LT Group, which will allow it to use integrated food parks being developed by Future Ventures for milling, processing and storage facilities for Sona Masuri rice. The integrated food park is being set up across 120 acres at a site near Bangalore.
Both firm will work together to develop a range of healthy snacks to be manufactured at Daawat Foods facilities, a subsidiary of LT Foods under a private label brand. The partners will also develop and market a range of organic staple foods, being processed by Nature Bio Foods at its north Indian facilities.
“Food consumption in India is largely in commodities and there lies a huge opportunity to provide customers with branded, value-added products that offer superior quality and health benefits, and benefit everyone in the ecosystem,” said Kishore Biyani, founder and group CEO of the Future Group.
“We strongly believe that working with the Future Group will provide us a platform and tremendous opportunity to work more aggressively to realise our vision of customer delight through value-added agri business,” said VK Arora, chairman & managing director of LT Foods Ltd.
LT Group deals in various businesses, such as organic foods, grain storage, staple foods and healthy snacks market. Headquartered in Gurgaon, the firm employs around 900 people in India and abroad. It had net sales of Rs 1,400 crore in FY2012 and has a strong global network in more than 50 countries. In 2009, Rabobank’s India Agri Business Fund invested $5 million in public-listed LT Foods.