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| Future Group may hive off Big Bazaar: Biyani |
| Press Trust of India / New Delhi Sep 20, 2009, 15:34 IST |
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Future Group chief Kishore Biyani is looking to hive off hypermarket chain Big Bazaar and list it to unlock value as part of ambitious restructuring and growth plans to become a Rs 25,000-crore group in four years.
Future Group is looking at adding 18 million sq ft of retail space across various formats by 2013-14 and is looking at various options to raise money for expansion -- listing of the value retail chain Big Bazaar being one of them.
"There are opportunities which we are looking at, including whether one should knock-off Big Bazaar into a separate company and probably look at listing or a follow up offer on that," Future Group Chief Executive Officer Kishore Biyani told PTI.
"There are possibilities (on hiving off Big Bazaar) but nothing is on the cards at this moment. It depends on the fund raising exercise," he added.
The possibility of hiving-off Big Bazaar assumes importance at a time when Future Group is aiming to become a Rs 25,000 conglomerate in 3-4 years, with a total retail space of 30 million square feet.
The group has currently a turnover of Rs 10,000 crore and Biyani had earlier this week said it is looking to grow by two and half times.
Future Group has currently two listed entities -- its flagship retail company Pantaloon Retail India and its financial arm Future Capital Holding.
There are 116 Big Bazaar hypermarkets across the country with a total retail area of over four million sq ft. The chain markets over 1.6 lakh products in various segments like apparels and accessories, electronics, toys and games and home and kitchen appliances.
Big Bazaar had reported a turnover of Rs 3,600 crore in 2008-09. Future Group had said last year that it was looking to expand the chain to 300 supermarkets by 2010-11 with a target for achieving a turnover of Rs 13,000 crore.
The group is in the process of selling non-core assets, besides going ahead with the IPO of its venture capital arm, Future Ventures, for raising funds.
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