Kishore Biyani, Founder and Chief Executive of Future Group reveals that the Future Group is aiming to clock a revenue of Rs 20,000 crore in food and consumer business by 2021.
The Future Group has decided to open 360 hypermarkets and 4,000 small stores and if the brand succeeds in doing that then its food business alone on the retail side will grow up to Rs 40,000 – Rs 45,000 crore. The home-grown retail giant is expecting a revenue of Rs 4,000 crore for the fiscal month beginning next week.
Recently, FCEL has raised Rs 360 crore from US food and agriculture giant Cargill’s PE arm Black River. Biyani revealed in a statement that the company has sufficient funds for next three to four years and it is not planning to raise more capital. But if needed, it will consider raising debt .
The company is also planning to expand its manufacturing as it has acquired 165 acres of land in Nagpur and 65 acres in Kolkata where it is setting up food parks. For developing rice and rice products, Future Group has tied up LT Foods.