The Kishore Biyani-led Future Group plans to raise as much as Rs 4,000 crore in the next two years to fund its expansion plans, a top company official said.
The group will open 18 Central stores and 45 Big Bazaars in the next one year, Future Group’s CEO Kishore Biyani said.
Pantaloon Retail, the flagship company of the group, recently raised Rs 368 crore by issuing warrants and shares to promoters and is in the process of raising Rs 1,000 crore from private equity investors. Future group is also in talks with French retailer Carrefour for a joint venture in back-end and logistics, according to reports.
“Consumption levels are looking up. Home category has picked up in the last 2-3 weeks as home sales are improving and asset prices are going up,” said Biyani. The home segment of Pantaloon Retail, the country’s largest retailer, has been under pressure for some time.
Biyani has slowed the group’s expansion plans in a bid to conserve cash in the downturn. Biyani, who was targeting a retail space of 30 million square feet by financial year 2011, expects to have the space by FY13.
