Indian retailer Future Group has expanded its value retail businesses with the acquisition of convenience store chain Big Apple, a unit of Express Retail Services.
Future Group has entered into a deal with Express to acquire 100 per cent of Big Apple for Rs61.35 crore (US$11.3 million).
“The acquisition will help Future Group to significantly grow presence in the convenience store format in NCR where it already operates 100 KB’s Fair Price neighborhood stores and have a ready operational and administrative infrastructure,” said a person close to the deal.
Big Apple, which operates 65 stores across NCR for about six years now, is expected to generate Rs 120 crore (US$30 million) revenues by next year.
Future Group was reported earlier to be in talks with Japanese convenience store operator Lawson to sell its stake in KB’s Fair Price.
Future Group has also merged its units Pantaloon Retail and Future Consumer Enterprises, which is a subsidiary of Future Ventures. As part of merger, more than 180 KB’s Fair Price stores were transferred from Pantaloon Retail to Future Consumer Enterprises.