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India’s Future Group to form JV with HK’s Fung Group

India’s Future Group founder Kishore Biyani has planned a 50:50 venture with the family investment vehicle of Hong Kong-based billionaire Victor K Fung, for imports and wholesaling.

The joint venture will be outside Future’s listed entity, Pantaloon Retail, and be part of Future’s investment vehicles, sources said. The venture is to operate large wholesale markets on the lines of the YIWU market in China and Dragon Mart in Dubai, and to import products from China and other Asian countries and sell to Indian retail chains and small retailers.

Future and Fung Group already have a partnership with Bangalore-based Sattva Properties to develop a wholesale market in the city. A second one is expected to come up in Mumbai in the next couple of months.