Shares of Future Consumer Enterprise are trading higher by 10% to Rs 11.42 on the BSE after Kishore Biyani-led Future Consumer Enterprise purchased Bangalore-based supermarket chain Nilgiris.
The acquisition is expected to help Future Group strengthen its position in Kerala, Karnataka, Tamil Nadu where Nilgiris runs over 140 stores.
It didnot disclose the acquisition price.
Future Group said it will leverage Nilgiris' network to build franchise-led stores and channelise its private lables.
The stock opened at Rs 11.25, touched a high of Rs 11.42 and a low of Rs 11 on the BSE. A total of 679,958 shares have changed hands on the BSE so far.
