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| Fung Capital to invest $30-mn in Future grp's logistics arm |
| Press Trust of India / Mumbai Jul 20, 2009, 20:15 IST |
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Hong Kong-based private equity firm Fung Capital has picked up about 26 per cent stake in Future Group's logistics arm Future Supply Chain Solutions and will pump in $30 million for expanding the firm's supply-chain network.
Future Group founder and CEO Kishore Biyani today signed an investment agreement with Fung Capital, the private equity investment arm of the Li & Fung Group, in Hong Kong.
"Fung Capital has agreed to invest $30 million in phases, of which $10 million will be injected immediately. They have taken up to 26 per cent stake," Biyani told PTI over phone from Hong Kong.
Fung Capital will invest around $30 million in the group's logistics and supply chain arm that will be used for enhancement of the logistics infrastructure, strengthening of technology platforms and expansion of supply chain network of the company, the company said in a statement.
"We hope to offer global expertise in building the next generation logistics solution for the Indian consumption sector, improve supply chain efficiencies and bring down costs for consumers," Biyani said.
The statement added that, "Future Group proposes to change the name of its subsidiary Future Logistics Solutions to Future Supply Chain Solutions."
The company currently operates 30 supply chains, services over 1,100 retail outlets with a fleet of over 500 vehicles playing across India.
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