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Future Ventures plans maiden issue

Calcutta, Jan. 12: Future Ventures India, a subsidiary of Pantaloons Retail, is likely to raise close to Rs 3,000 crore from its initial public offering (IPO). The issue is next in line from Future Group after Future Capital Holdings’ offer.

Pantaloons Retail’s board approved the creation of Future Ventures in June last year.

“I cannot comment on the amount which we will raise through the IPO. We right now want to get over with the Future Capital issue. The role of Future Ventures will also be announced in detail subsequently,” said Kishore Biyani, CEO of Future Group.

The paid-up capital of Future Ventures is Rs 250 crore but the Pantaloons Retail board has approved a further investment of Rs 325 crore.

“We expect the money to be invested within the next couple of months. All joint ventures are now executed under the listed parent entity of Pantaloon Retail. However, going forward this could change as Future Ventures will become the investment and execution arm for such ventures in the group,” said Pankaj Thapar, head (investment and acquisitions) of Future Capital Holdings.

Sources said Future Ventures will look after investments, acquisitions, new businesses and joint venture projects of the Future Group.

Future Brands, which is headed by Santosh Desai, plans to promote existing brands and also develop new formats such as gourmet Foodbazar, Big Bazaar Unlimited (kiosk format), Dori (ethic and tailored clothes).

Pantaloon is the flagship company of Biyani’s Future Group. The company is expected to clock a turnover of Rs 30,000 crore by 2010.

Pantaloon Industries and Pantaloon Retail (India) are both listed entities.

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