news Wednesday, February 11, 2015 - 05:30
The News Minute| November 22, 2014| 1.37 pm IST Nilgiris, Bengaluru’s favourite retail food chain, has been bought over by Future Consumers Ltd. (FCEL), the food and FMCG branch of Kishore Biyani’s Future group. The retail chain, which is most known for its dairy and bakery products, was established in 1904 by the Mudaliar family, and the first shop in Bengaluru in the 1930’s. Management and operational control was later sold to Actis, the UK-based private equity player. According to a Times of India report, the Biyani Group has bought close 100% shares in the retail chain for almost Rs. 300 crores. The take over is being seen as a strategic expansion into the south of the country as Biyani’s presence is mostly concentrated in the north and east of India. "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," said Biyani, group CEO of Future Group.
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