FUTURE GROUP SEEN STRIKING RETAIL DEALS WORTH $35M

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INDIVISION Capital, the private equity arm of Kishore Biyani’s Future Group, is close to sealing three deals worth $35 million in the retail space over the next one month. With these deals, the fund will deploy nearly $120 million of its $420-million corpus. The fund, which is close-ended, closed last September.

The proposed investments would be made in consumer-related businesses, industry sources said. The documentation process is going on and the deals are likely to be announced over the next three-four weeks.

Though the fund has about seven-eight years before it closes, it has already deployed $120 million, including these three deals. The fund has the mandate to make investments in small and medium sized consumer goods companies.

Interestingly, Indivision seems to be competing with its parent company, Future Group, in making investments in the same space.

For instance, while Indivision picked up a 24% equity stake for an undisclosed amount in Lilliput Kidswear, a children’s clothing brand in India, the Future Group also bought equity in Gini &Jony, a kidswear company.

Indivision Capital recently made an investment of Rs 50 crore in Gurgaon-based health and wellness company VLCC. The fund feels its investments in the company would multiple five fold in the next 27 months. VLCC is planning tapping the capital markets through an IPO around 2009-10.

Indivision has also invested in Mumbai-based contract construction company, BE Billimoria & Co, where it picked a 26% stake for nearly $17 million. The fund has also picked up a 33% stake in processed foods company, Capital Foods, makers of brands like Smith & Jones and Ching’s Secret and a leading private label supplier to several big retailers abroad such as Target, Tesco.

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