Future Consumer Enterprise ltd, the food and FMCG arm of Kishore Biyani-led Future Group, on Friday acquired south India-based convenience store chain Nilgiris for nearly Rs 300 crore.
"We have picked almost 100 per cent stake in convenience chain Nilgiris for close to Rs 300 crore. This acquisition is another step towards building a robust convenience store network in India," Future Group CEO Kishore Biyani told the news agency.
He further said: "This acquisition is synergistic as it enables strengthening and expanding convenience stores through franchises in an asset light model as well as brings in new manufacturing capabilities and brands within the company."
Future Group, which had been interested in taking over the company for more than a year, said this acquisition by FCEl will lead to geographical expansion of the convenience store network in southern India, as presently its existing footprint is primarily concentrated in north and west India.