Kishore Biyani Ties Up With Hong Kong’s Li & Fung Ltd To Float Wholesale JV-The Economic Times

Sunday, 10 Mar 2013 07:34pm EDT 

The Economic Times reported that Kishore Biyani plans to launch a wholesale cash-and-carry chain in tie-up with Hong Kong-based global trading firm Li & Fung Ltd, which already holds a 26% stake in Future Group's logistics business Future Supply Chains. Fung Capital, a private equity firm of the Fung family, will hold a 26% stake in the joint venture while Biyani and his family will hold the rest, Rajesh Ranavat, managing director of mergers and acquisition at Fung Management Singapore Pte Ltd, said. Biyani confirmed the development and said the venture will open first cash-and-carry store in Bangalore in the next three months. 

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