New Delhi: Future Group is understood to have finalised plans to exit from stationery joint venture with US-based Staples by selling its entire stake to the partner for up to Rs 170 crore.
According to sources close to the development, Future Group and Staples Asia Investment have reached at an understanding and an announcement is likely to be made in about one month.
Future Group chairman Kishore Biyani
“Future Group has decided to exit the joint venture with Staples. The foreign firm will buyout the Indian partner’s entire stake for Rs 150-170 crore,” a source said.
The group’s retail holding firm Pantaloon Retail India holds 39.5% stake in the JV -- Staples Future Office Products (SFOP).
No immediate comments could be obtained from Future Group officials. An email query sent to the Staples remained unanswered.
After announcing stake sale in its flagship Pantaloon and Future Capital, the Kishore Biyani-led Future Group is readying itself for more sell-off, including Future Supply Chain (FSC).
The group, laden with an estimated consolidated debt of Rs 6,000 crore, is also mulling stake sale in Future Generali Insurance, a JV with Italian insurer Generali Group.
The group may hive off part of its 70% stake in FSC, a supply management firm. The remaining 30% is held by Hong Kong-based Li & Fung, which is also interested in increasing its stake in the company. An announcement on FSC is expected by July-end.
In April, Future Group gave away majority control of Pantaloon, the department store chain, to Kumar Mangalam Birla’s Aditya Birla Nuvo for a total consideration of Rs 1,600 crore.
The group also sold majority stake in Future Capital Holdings to private equity firm Warburg Pincus for Rs 560 crore earlier this month.
Pantaloon Retail’s scrip closed at Rs 181.95 per share, up 1.85% from the previous close on the BSE.