- Sujata Sachdeva |
Future Group has sold over half of its remaining stake in Pantaloon Fashion & Retail through a secondary market transaction for Rs 134 crores. The stake was acquired by Franklin Templeton MF A/C Franklin India High G Co FD and India Prima Fund.
Three years ago Future Group hived off its apparel retail business from its flagship company Pantaloon Retail (now Future Retail) as a separate listed firm and sold a majority stake in the venture to Aditya Birla Nuvo. At the time, Pantaloons format business had 65 stores and 21 factory outlets across 35 cities. Aditya Birla Nuvo has now expanding its presence with 104 stores and 30 factory outlets in 49 cities as of March 2015.
Kumar Mangalam Birla-led Aditya Birla Group recently announced merger of its two retail arms — the Aditya Birla Nuvo-owned fashion retailing business with Pantaloons Fashion & Retail. The merger has led to the launch of Rs 12,000 crores (around two billion dollars) branded apparel entity called Aditya Birla Fashion & Retail (ABFRL). Now Madura Fashion, the branded apparel retailing division, and Madura Lifestyle, the luxury branded apparel retailing of Aditya Birla Nuvo, will be demerged into its listed subsidiary — Pantaloons Fashions and Retail (PFRL).