India’s Future Retail to acquire group company’s infra assets for $571.4m

The integration will see Future Retail adopt some of the international practices followed at Easyday put in place by Wal-Mart Stores Inc. Photo: Mint

Future Retail Ltd (FRL), the retail arm of Kishore Biyani-led Future Group, said it will buy the infrastructure assets of Future Enterprises Ltd for around 4,000 crore.

Future Retail’s board, in a meeting held on 12 October, has agreed and approved “acquisition of the retail infrastructure assets upto maximum limit of 4,000 crore of Future Enterprises in one or more tranches, said in a filing to the stock exchange.

The transaction is subject to approval of the members of the company, which will be sought at the extraordinary general meeting proposed to be held on 8th November in Mumbai, it added.

The company, which operates retail chains like Big Bazaar, fbb, Foodhall among others, said the acquisition would be either through direct purchase or slump sale or any other other mode as mutually acceptable at fair value to be determined based on independent valuation report and backed by fairness opinion.

This article was first published on livemint.com.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.