Expands its presence in South India
Future Consumer Enterprise announced that the Company has pursuant to Share Purchase Agreement(s) executed with the concerned Sellers, acquired 97.97% equity shares of The Nilgiri Dairy Farm ("NDFPL") in terms whereof, NDFPL and its subsidiary companies have become subsidiaries of the Company.The Nilgiri Dairy Farm is directly, and through its subsidiaries, engaged in the business of, (i) licensing franchisee rights to third parties for operating convenience stores under the 'Nilgiris' brand, (ii) manufacturing food, grocery, chocolates, dairy and other products and (iii) trading in general merchandise and imported products. While offering a wide assortment of products through the convenience store chain, NDFPL also owns a portfolio of brands in these products. It's brand 'Nilgiris' has become a household name in the southern part of India, with consumers spanning successive generations.
With this acquisition, the Company expects to expand geographically by increasing its footprint of convenience stores in south India.
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