Kishore Biyani, the founder of India-based Future Group, and Hong Kong-based trading firm Li & Fung are planning to enter into a 50:50 joint venture for launching an import and wholesale chain.
Li & Fung currently holds a 26 percent stake in Future Supply Chains (FSC), the logistics business of Future Group. Under the proposed venture, there are plans to import goods in bulk from China and other Asian nations and sell the same to Indian retailers.
At the launch of the distribution centre of FSC in Nagpur, Mr. Victor K Fung, said the Fung Group is eager to have a closer relationship with the Future Group, especially in wholesaling and cash & carry operations in India.
Li & Fung Ltd. is recognized as a global leader in consumer goods design, development, sourcing and distribution. The company provides one-stop-shop supply chain solutions to meet customers’ specific needs.
With over 17 million sq ft of retail space, Future Group has presence in 93 cities and 60 rural locations across India.
