India’s Future Group has snapped up one of India’s oldest convenience store chains.
Nilgiri’s, founded in 1905 and with 140 stores in India’s southern states, has been bought by Future Consumer Enterprises, which is Future’s FMCG arm.
“This acquisition is synergistic as it enables strengthening and expanding through franchises,” said Kishore Biyani, group CEO of Future Group.
Nilgiri’s operates in four key south Indian states and owns dairy, bakery and chocolate brands. It distributes its own brands through its network and an established supply chain which may also be synergistic for Future Consumer Enterprises.
Kishori plans to expand the brand beyond the southern region as the convenience sector shows strong growth in India. Future’s strength is in the northern and western states.