Kishore Biyani-led Future Group is in advanced discussions to acquire the retail business of Hyderabad-based Heritage Foods Ltd, in what would be the retail major’s second big acquisition in southern India in two years.
HYDERABAD: A media report published in The Economic Times says that Future Group will get more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru if the planned acquisition goes through.
The deal may involve a share swap, besides a cash component, the report said.
The retail division operated 112 Heritage Fresh stores as of June end and posted a pre-tax loss of Rs 13.8 crore on revenue of about Rs 583 crore for the year through March 2016, according to the company’s stock-exchange filings. Shares of Heritage Foods touched their highest level in at least a year on Friday of Rs 840.75 apiece.