It has been announced today that Future Group led by Kishore Biyani will debut its subsidiary Future Ventures in India with IPO. Initially the company has fixed its issue price in the range of Rs 10-11 a share. But the stocks were opened at Rs 9 and received a halfhearted response.
Through the issue of 75 crore equity shares the company will collect Rs 750 crore. Future Ventures IPO is subscribed 1.52 times, while QIB portion was subscribed 0.26 times.
The Mint reported, under the agreement m Future Group, India’s largest retail operator with brands such as Pantaloon Retail and Big Bazaar, has signed a deal with French retailer Carrefour. In the next five years, the mint said Future Group plans between 150 and 300 Carrefour branded hypermarkets. The spokesperson who spoke on condition of anonymity as the announcement was yet due said, “This is quite ambitious given the challenges in finding right space required for such hypermarkets.
It is finally sure that Kishore Biyani owned Future Group is finally not unveiling an MVNO; and has instead entered into a franchisee agreement with Tata Teleservices to unveil Talk 24 (or T-24) soon with the tagline 'Shop More, Talk More.'
Official reports have confirmed that Tata Teleservices today entered into a franchisee deal with Future Group, the retail giant, in order to offer a new GSM mobile telecom service, under the new brand T24, which would help the companies tap into the loyal and wide customer base of the Kishore Biyani firm.
India’s leading retail giant Future Group, has announced that it has inked a Joint Venture (JV) pact with UAE-based mobile retail company Axiom Telecom with the aim to build an all new dimension of innovation in the Indian mobile retail industry.
According to the sources, the new 50:50 JV, Future Axiom Telecom Ltd, will retail, distribute mobile handsets and accessories and construct service centres in the country.
The proposed partnership entails an initial investment of about USD 40 million.
Big Bazaar, the flagship retail chain of the Kishore Biyani-promoted Future Group, plans to have 300 hypermarkets in the country by 2010-11.
The company is presently looking at both the metros, Tier I cities besides Tier II and smaller cities, for the expansion.