Kishore Biyani, founder and CEO of Future Group, and Kolkata-based developer Sumit Dabriwala have reached an “in-principle” agreement to merge their real-estate businesses.
According to the agreement, a foreign direct investment-compliant real estate firm will be created in about six months and Dabriwala will take care of the new entity.
A Future Group spokesperson said the merger of the two businesses could take sometime because it involved “the merger of several unlisted companies and transfer of assets from privately held companies”.
The spokesperson also said though the news report was in line with the plans, “we cannot comment on it”.
— IndiaRetailing Bureau