Future Retail teams up with Khimji Ramdas for JV to operate FBB stores in Oman

Future Retail has formed an equal joint venture with Khimji Ramdas LLC to form a joint venture to operate FBB apparel stores in Oman and other member states of the Gulf Cooperation Council (GCC). Both Future Retail and Khimji Ramdas will have the right to appoint three directors to the board of the new company which will be based in Oman, Future Retail said in a filing to BSE.

In case of an increase in capital, each party will have the right to subscribe for new shares proportion to the number of shares it has in the new company, Future Retail added in the filing. Kishore Biyani-led Future Group had announced the Rs 150 crores joint venture last year. Back then, the company stated it would sell both its apparels and foods in the Gulf through the joint venture, which will be called KR Future Fashion LLC.

Future Group will put in Rs 75 crore through its various listed entities, including Future Lifestyle and Fashion and Future Consumer.