Retail in Asia

In Shops

India’s Future Group set to take a large bite of Big Apple

The Kishore Biyani-led Future Group, which has entered the final leg its negotiations to buy out the Big Apple chain of food and grocery stores, looks set to take a big bite of the convenient stores segment in India’s National Capital Region (NCR).

According to sources in the know, Express Retail Services Ltd – a joint enterprise of Lalwani Holdings and the Chaurasia Groupwhich is the promoter of Big Apple, had put the company on the block for a while before entering into bilateral discussions with Biyani’s team. Though the exact valuation is not known, the final deal size could be close to INR250 crore (INR2.5 billion, USD396.3 million). The company clocked a top line of INR150 crore in 2011-12 from its existing network of 65 stores. The company had recently forayed into the home delivery format under the Day2Day brand. With the new format, the company has been eyeing a customer base of around 200,000 families in Delhi and NCR in the next 30 months, targeting revenues of INR400 crore over the next few years.