Moneycontrol.com
India's largest retailer Future Group will seek partnerships for various businesses, now that the government has given the green signal for foreign direct investment in multi-brand retail, founder and group CEO Kishore Biyani said on Wednesday.
"We are on the drawing board of looking at various opportunities, various options for many of our businesses," he said on the sidelines of the India Retail Forum.
Future Group, which operates India's largest supermarket chain Big Bazaar, has been linked in the past with a possible deal with Carrefour of France. But talks never materialised due to prohibition of entry for foreign retailers in multi-brand retailers back then.
The government last month approved 51% foreign direct investment in multi-brand retail. Its up to the individual states now to decide if they want to allow global giants like Walmart, Tesco and Carrefour.
Biyani expects India will be a one trillion dollar consumption market in ten years from 400 billion now and that opportunity will interest lot of foreign retailers and private equity firms.
Biyani, however, says its still too early to talk about any strategic partnership right now.
"We are looking forward to how we can align in terms of a strategic partnership or financial partnership," he said.
Future Group has a huge debt on its books and recently announced plans to sell its Pantaloon Retail apparel chain to Aditya Birla Group.
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