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Future Logistics to raise $25 million

Future Logistics to raise $25 million
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First Published: Mon, Apr 14 2008. 01 40 AM IST

Funding plans: Kishore Biyani.
Funding plans: Kishore Biyani.
Updated: Mon, Apr 14 2008. 01 40 AM IST
New Delhi: The logistics arm of Future Group, Future Logistics Solutions Ltd, or FLSL, will raise $25 million (Rs10 crore) by selling stakes in the venture to private equity firms, the group’s chief Kishore Biyani said.
Funding plans: Kishore Biyani.
“We are in talks with five Indian and foreign private equity companies and a deal is expected in a month,” said Anshuman Singh, chief executive of FLSL.
“We have just entered the valuation phase,” he said, adding that the private equity companies are yet to figure out the actual valuation of the firm that takes care of most of Future Group’s logistical apparatus.
How much stake it will off-load will depend on the final valuation, Singh said.
Biyani has said in the past that he wants to raise money by selling stake in subsidiaries including Future Media India Ltd, and FLSL to fund the company’s retail plans.
Singh said the money raised will be used to upgrade technology and infrastructure at FLSL, adding the firm plans to invest around Rs350 crore in the next three years.
Currently, the company handles around three million merchandise items every day, while catering to the hundreds of retail stores owned by the group. It expects to ramp up capacity to 30 million items a day as the group expands its chain of stores.
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First Published: Mon, Apr 14 2008. 01 40 AM IST