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Future Retail studies merger options with HyperCity

Press Trust of India  |  New Delhi 

Kishore Biyani-led Future Retail is in talks with HyperCity Retail, part of the K Raheja Corp Group, for a possible between the two.

"All discussions at this stage are exploratory in nature. The company keeps on evaluating various possible business associations or at any given time. However, at present, there is neither any legally binding agreement nor any business collaboration or association," Future Retail said in a regulatory filing.

HyperCity operates in nearly 20 large format stores in cities such as Mumbai, Hyderabad, Bengaluru, Bhopal, Ludhiana, Amritsar, Jaipur, Pune, Ahmedabad, and in Delhi- NCR. K Raheja Corp Group also operates retail chains under Shoppers' Stop and Crosswords in

Biyani has been known for aggressive expansion of the group's operations though mergers and acquisitions. In the past, Biyani's Future group has acquired Bharti Retail, South India-based convenience store chain Nilgiris and retail business of Heritage Food.

In May 2015, the Future group announced that it had agreed to merge its retail business with rival Bharti Retail in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains with Rs 15,000 crore turnover.

In November 2014, Future Group company Future Consumer Enterprise Ltd acquired south India-based convenience store chain Nilgiris for nearly Rs 300 crore.

Last year, it acquired Heritage Fresh's 136 retail stores in Hyderabad, Chennai and

Future Retail acquired Easy Day after with Bharti Retail in May 2015. Future Retail's flagship brands include Big Bazaar, Fashion at Big Bazaar, and Food Bazaar.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 11 2017. 16:13 IST