Biyani to look for FDI only in select formats

Firmly believing that his large retail chain would work

well despite competition from global retailers, Kishore Biyani, chairman of the Future Group, country’s largest retailer by size has expressed that he will partner with foreign investors in certain selected formats and not across-the-board. The group has different formats such as lifestyle, hypermarkets, home furnishings, and electronics to name a few. The company plans to attract foreign investors in some of them. It was speculated that the group was in talks with French retail giant Carrefour for a joint venture partnership.

Biyani is neither worried about the political resistance to the FDI policy, which he feels would be sorted eventually, nor about the possible threat from global giants waiting to capture India’s retail market. He believes that, with the 16 million sq. ft. of space across the country, strong infrastructure and the back-end in place, his group is much ahead in competition.

Biyani, operates the Big Bazaar chain of hypermarkets through Pantaloon Retail India, group’s listed flagship company, which is reeling under high debt pressure.