1. News
September 18, 2016

Future Group in talks to acquire retail unit of Heritage Foods in India

India-based retail firm Future Group is holding talks to acquire the retail business of Heritage Foods.

India-based retail firm Future Group is holding talks to acquire the retail business of Heritage Foods.

If the acquisition goes ahead, it will give Future Group control over a network of more than 100 grocery outlets in southern India, reported Economic Times, citing people familiar with the matter.

"Future Group has been bolstering its position in the grocery retail sector over the last few years."

In 1992, the Heritage Group was established by N Chandrababu Naidu, who is presently the chief minister of Andhra Pradesh, a state in the southern part of India.

If the talks proceed, this will be Future Group's fourth purchase in four years.

Future Group has been bolstering its position in the grocery retail sector over the last few years.

Since 2012, it has bought Easyday network from Bharti Retail, Big Apple and Nilgiri's supermarket chain.

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A person familiar with the deal said: "Contours of the deal are still being worked on; how Heritage Fresh will be merged within Future Group and whether the transaction could involve any share swap, apart from cash component."

Heritage Food operated 112 Heritage Fresh stores as of the end of June.

Future Group operates Big Bazaar, Food Bazaar and eZone retail outlets.