Future Group to open 25-30 Big Bazaar outlets by June 2012

The Kishore Biyani-promoted Future Group, which runs India's largest retail chain in both value and lifestyle formats, today said it plans to open 25-30 Big Bazaar outlets by June 2012, and will invest Rs 300-crore for the same.

"We are planning to add 25-30 stores on the Big Bazaar front. Our target for this year is 30 stores for Fashion at Big Bazaar and we already have 13 stores, so real estate provided we should be able to achieve our target," Future Value Retail Joint CEO (East & South) Sadashiv Nayak told PTI.

The Future group currently owns 152 Big Bazaar stores in the country.

"We will be investing Rs 300 crore for Big Bazaar and for the stand-alone (Fashion) it should be another Rs 70-80 crore," he said on the sidelines of Amar Chitra Katha (ACK Media) scholarship event.

Meanwhile, Future Ideas Director Ashni Biyani said the group would be increasing its stake in ACK Media but did not specify the stake.

"There is already a stake and we will be increasing it. We will be announcing it soon after Sebi formalities are completed," she said.

Future Ventures has a 13.7% stake in ACK Media and, according to media reports, is planning to increase it to 40%.

Biyani further said Big Bazaar would sell two-million copies of Amar Chitra Katha books by December.