Future Group to buy stake in Turtle, deal likely in 3-4 weeks

Future Group to buy stake in Turtle, deal likely in 3-4 weeks
PTI
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First Published: Mon, Feb 23 2009. 04 17 PM IST
Updated: Mon, Feb 23 2009. 04 17 PM IST
New Delhi: The Future Group is in talks with Turtle Group to buy a stake in the Kolkata-based apparel maker, Future Group chief executive officer Kishore Biyani said on Monday.
“Yes, some discussions are going on. However, at this moment I cannot give you more details in this regard,” Biyani said.
Asked about the prospective size of the deal and its likely date of completion, Biyani said: “I do not have the details with me now. I can give you the details later.”
On being contacted, Turtle Group director Amit Ladsaria confirmed the news and said talks are in “advanced stages”.
“We are in advanced stages of negotiations and are hopeful of concluding them in another three to four weeks,” Ladsaria said.
He said Future Group would be buying a “minor stake” in Turtle but refused to disclose the size of the agreement.
Turtle Group currently operates 32 exclusive outlets across the country, including Ahmedabad, Bangalore, Chennai, Bhubaneshwar and Guwahati, and also has presence in over 1,200 multi-brand stores.
The company, which has two facilities in Kolkata and Bangalore, reported a turnover of Rs46.5 crore in 2007-08.
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First Published: Mon, Feb 23 2009. 04 17 PM IST