Future Ventures ups stake in Indus-League Clothing to 91%

Future Ventures India Ltd (FVIL), Future Group's investment and business management arm, today said it has acquired additional 5.14% stake in Indus-League Clothing Ltd (ILCL), a group firm for an undisclosed amount.

With the latest stake purchase, FVIL's total stake in ILCL has gone up to 90.84%.

"FVIL has acquired 15,10,378 equity shares of ILCL, a subsidiary company, aggregating to 5.14% of the paid- up share capital from two of its existing share holders," FVIL said in a filing to the Bombay Stock Exchange.

ILCL owns apparel brands like Indigo Nation, Scullers, Jealous, Urbana, Urban Yoga besides holding exclusive license for Lee Cooper and Manchester United merchandise.

FVIL has been picking up stake in firms of the Kishore Biyani-promoted Future Group. Last month it had acquired 50% stake in Clarks Future Footwear Ltd (CFFL) from Pantaloon Retail India Ltd, another Future Group firm.

CFFL is an equal joint venture between UK-based footwear maker Clarks and the Future Group.

Last month itself FVIL had also hiked its holding in Amar Chitra Katha to 26%.

Future Ventures' other investments in the fashion and apparel include AND Designs, Biba Apparels and Holii Accessories.

"FVIL would primarily focus on business segments of fashion, FMCG, food processing, home products, rural distribution and vocational education," according to the company's website.

The company's scrips were trading at Rs 9.28 per share in the afternoon trade, down 2.01% from the previous close on the Bombay Stock Exchange.