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    Future Group to become mobile operator franchisee

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    -led has said that it will invest around one billion rupees to enter the mobile-services space as a franchisee for network operators, and is in talks with several firms for a potential launch next year.

    Future Enterprises Q4 net profit stood at Rs 16.53 crore
    The company, erstwhile known as Future Retail, had posted a net profit of Rs 10.31 crore in the January-March quarter of the previous fiscal

    Confirming this in a monthly newsletter, CEO Kishore Biyani said: “We expect to spend one billion rupees ($24 million) on the mobile foray, and have begun talking with some network operators.”

    The company has appointed consultancy firm and UK’s Value as advisers for its telecom plans.

    India currently does not allow mobile virtual network operators (MVNO), who do not own networks but rent them out from other providers. However, franchisees are allowed in the country.

    The government has said it is considering allowing the MVNO model in the country. The telecoms regulator in May started consultations with firms and other stakeholders for formulating guidelines for MVNOs.