Future Group to Acquire Heritage Foods

Kishore Biyani-led Future Group on Monday said it has signed a definitive agreement to acquire retail and allied businesses of city-based Heritage Foods Ltd in an all stock deal.

Heritage Foods, which currently owns 124 retail outlets under the brand name 'Heritage Fresh', will get 3.65 per cent share-holding in Future Retail through fresh issuance of shares.

"We have signed a definitive agreement with Heritage Foods. The consolidation of Heritage small format stores bring us closer to the homes of customers in the three metros in Southern India. Scale plays an important role in retail and this forms part of our strategy of aggressively expanding our small stores network to 3000 nationally by 2021 to service daily and weekly needs of customers," Biyani said in a press conference. Heritage dairy products business will leverage the strength of Future Retail to spread Pan-India, said Lokesh Nara, Director of Heritage Foods.

Heritage Foods was promoted by the family members of Andhra Pradesh Chief Minister N Chandrababu Naidu.

The retail and allied business of Heritage Foods posted Rs 629.74 crore revenues during the last financial year.