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Sourcing-to-supermarket food firm Future Consumer fully acquires Aadhaar Wholesale

Tags: kishore biyani, godrej agrovet, anamudi real estates, sourcing-to-supermarket, farm to fork, future consumer enterprise, future group, food park, food retail, aadhaar wholesale

February 24, 2015 | COMMENTS ( 0 )

Sourcing-to-supermarket food firm Future Consumer fully acquires Aadhaar Wholesale

The sourcing-to-supermarket food company Future Consumer Enterprise Ltd (FCEL), owned by Kishore Biyani-led Future Group, has announced to fully acquire Aadhaar Wholesale Trading and Distribution by buying the remaining 30 per cent equity stake from Godrej Agrovet and Anamudi Real Estates LLP. The Future Group earlier owned 70 per cent stake in the company.

In a BSE filing, Future Consumer Enterprise Ltd said: "It has issued and allotted an aggregate of 4,59,18,367 equity shares of the company to Godrej Agrovet Ltd and Anamudi Real Estates LLP (jointly sellers) and has accordingly acquired an aggregate of 30 per cent shareholdings of Aadhaar Wholesale Trading and Distribution Ltd held by the sellers."

"In return of the stake, Future Consumer Enterprise has issued and allotted equity shares of the company to the sellers for a lock-in period of one year," said an official of Future Group.

FCEL is an integrated food and FMCG company that has presence across sourcing, processing, manufacturing, brands, retailing and distribution of food products. The company sources over 150,000 tons of agricultural produce from 52 centers across the country and offers a wide range of food and FMCG products.

Prior to the deal, Aadhaar Wholesale was a joint venture (JV) between the Future Group and Godrej Agrovet Ltd. Aadhaar is now a wholly owned subsidiary of the company, the filing added.

Aadhaar Wholesale focuses on retail distribution of consumer products for personal and household use in rural and semi-urban India. Aadhaar is positioned as a rural supermarket and currently has 40 stores in Gujarat and Punjab. Aadhaar also operates Cash & Carry store by the name Aadhaar Wholesale Market.

Headquartered in Mumbai, FCEL operates extensive convenience store chains Kishore Biyani’s Fairprice and Big Apple in the cities of Delhi, Mumbai and Bengaluru as well rural distribution and wholesale chain, Aadhaar in the states of Gujarat and Punjab. It also operates the India Food Park, a large scale food processing facility at Tumkur, Karnataka.

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