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Delhi Wine Club

Posted: Saturday, Jun 30 2007. 3:00 PM

Future Group of Biyani may split Retail Business

Future Group, India's largest retailer, is reportedly considering splitting up its retail chain brands - Big Bazaar, Food Bazaar and Central Mall - into separate entities, according to the Financial Express, which cited unnamed sources. The paper said the group may even list them in the future, and has hired McKinsey to advise it on the break-up. It added that the group plans to raise over $1.0bn through an initial public offering (IPO), and has mandated merchant bankers Kotak, Enam and JM Financial to lead the offer.

CEO Kishore Biyani denied the report, saying "We are not implementing any such initiative". However, the paper claimed its sources confirmed that the group is realigning the retail chains into separate profit centres, with the Future Group remaining the umbrella brand. It said Biyani will make the IPO announcement in September.

The report also said that Future Group has already appointed different CEOs to head the various ventures. Rajan Malhotra is now the head of Big Bazaar, Sadashiv Nayak has taken charge of Food Bazaar, Kailash Bhatia will head Pantaloon Apparels, Sanjiv Aggrawal continues as CEO of Pantaloon Retail, the food line of business is now being headed by Arvind Choudhury, and Central Mall and Brand Factory are under Vishnu Prasad.

Source: http://www.kamcity.com

 
 

 
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