Mumbai: Future Group, which owns the Pantaloon Retail chain, is in talks with Japan’s convenience store chain Lawson Inc to sell a 49% stake in its foods sourcing and manufacturing operations, the Economic Times reported.
Future Group has signed a memorandum of understanding (MoU) to form a joint venture (JV) with Lawson that could see Japan’s number two convenience store chain buy into a holding company controlling many of Future’s foods businesses, the newspaper said on Wednesday, citing sources.
Future Group and Lawson could not immediately be reached by the news agency for a comment.
Financial terms of the planned joint venture have not been finalized yet, one of the sources told the Economic Times, adding the Japanese firm could invest about Rs 3,000 crore ($624 million) in the first tranche of funding.
In June, Lawson said it planned to step up its overseas expansion to tap strong growth in Asia.