Future Group announced an agreement for private equity investment with Fung Capital in its logistics and supply chain vertical. Fung Capital is the private equity investment arm of the families of Dr Victor Fung and Dr William Fung, the controlling shareholders of the Li & Fung Group. as a result of the agreement Future Group proposes to change the name of its subsidiary, Future Logistic Solutions Limited to Future Supply Chain Solutions.
Fung Capital, will invest around US $30 million in the logistics and supply Chain which will be used for the enhancement of the logistics infrastructure, strengthening of the technology platforms and expansion of the supply chain network of the company.
“We have always had deep admiration for the expertise that the Fung brothers and the Li & Fung Group have developed in sourcing, logistics and distribution solutions for almost every well known retailer in the world. Now we hope to offer global expertise in building the next generation logistics solutions for the Indian consumption sector,” comments Kishore Biyani, Group CEO, Future Group.
“We are delighted with the opportunity to partner with the Future Group in this logistics venture, which represents our first investment in India” says Rajesh Ranavat, MD, Fung Capital.