Future Retail Ltd. (formerly known as Bharti Retail Ltd.) was incorporated in February 07, 2007. The company is engaged in the business of retailing of fashion, household and consumer products through
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departmental and neighbourhood stores under various formats across the country.
Future Retail Ltd is the flagship company of Future Group, India's retail pioneer catering to the entire Indian consumption space. Through multiple retail formats, the company connects a diverse and passionate community of Indian buyers, sellers and businesses. The Company has been able to develop presence across India with good loyal customer base of approximately 50 million members across India as of March 31, 2019.
Future Retail operates multiple retail formats in both the hypermarket, supermarket and home segments of the Indian consumer market including: Big Bazaar, Easyday, Fashion at Big Bazaar, Foodhall, Home Town, Ezone
As India's leading retailer, Future Retail inspires trust through innovative offerings, quality products and affordable prices that help customers achieve a better quality of life every day. The Company has a pan India presence with 1,511 stores serving customers in nearly 428 cities through over 16.14 million square feet of total retail space for various formats of the Company as on March 31, 2019. The company added 21 new large stores during the year 2019.
On 7 November 2016, Future Retail announced that the company's Board of Directors has approved a proposed consolidation of the retail and allied businesses of Heritage Foods Limited. The retail business of Heritage Foods includes the popular Heritage store chain of 124 stores in three key southern cities of Hyderabad, Bangalore and Chennai. These retail stores compliment well with Future Retail's existing network of 379 small formats EasyDay stores in northern cities of India. The retail and allied businesses of Heritage Foods posted revenue of Rs 629.70 crore during the financial year 2015-16. On closure of the transaction, Heritage Foods will own 3.65% of the shareholding in Future Retail, through fresh issuance of shares by the company. As part of the scheme of arrangement for the acquisition, Heritage Foods will spin off its retail, bakery, agri-sourcing and veterinary care business in a fully owned subsidiary. Subsequently, all these businesses, except veterinary care, will then be merged with Future Retail.
The Board of Directors of Future Retail at its meeting held on 20 April 2017 considered and approved segregation of the Home Retail Business of the company operated through HomeTown stores into Praxis Home Retail Private Limited by way of a demerger. The proposed segregation would be carried out vide a Composite Scheme of Arrangement between Future Retail and Bluerock eServices Private Limited (BSPL) and Praxis Home Retail Private Limited (PHRPL or the resulting company) and their respective shareholders. In consideration of the demerger of the Home Retail Business of FRL into PHRPL in terms of the scheme, PHRPL will issue one fully paid up equity share of Rs 5 each to the equity shareholders of FRL as on the record date for every 20 fully paid up equity shares of Rs 2 each of FRL. The equity shares of PHRPL to be issued to the shareholders of FRL pursuant to the scheme shall be listed on the stock exchanges.
The Board of Directors of Future Retail at its meeting held on 20 April 2017 approved increase in the investment limit of Registered Foreign Portfolio Investors (including FIIs) in equity share capital of the company from present 24% to 49% of the company's total paid-up equity share capital.
The Board of Directors of Future Retail at its meeting held on 5 October 2017 considered and approved the acquisition of entire equity share capital of M/s Hypercity Retail (India) Limited (HRIL) from its existing shareholders for part cash and part share consideration aggregating up to Rs 655 crore. HRIL is mainly into retail business and operating its various stores across India and does not have any overseas presence. HRIL clocked turnover of Rs 1191 crore in FY 2016-17.
The Board of Directors of Future Retail at its meeting held on 6 December 2017 considered and approved the Scheme of Arrangement between Hypercity Retail (India) Limited (HRIL) and Future Retail Limited. The Scheme inter-alia provides for the demerger of Retail Business Undertaking of HRIL into the company and for reorganisation and reclassification of balance lying in the Capital Reserve Account into Securities Premium Account of the company. HRIL is a wholly owned subsidiary of Future Retail.
On 13 March 2018, Future Retail announced that the company has entered into Shareholders Agreement on 13 March 2018, with Khimji Ramdas LLC, a leading business conglomerate in Oman, for the formation of a joint venture company to undertake business to operate 'fbb' brand fashion outlets commencing in Oman and across other member states of GCC.
On 1 June 2018, Future Retail announced that it has completed the acquisition of the Retail Business Undertaking operated under the brand name 'Foodworld' (Foodworld Business) from Foodworld Supermarkets Private Limited (FSPL) in terms of Business Transfer Agreement and other related documents (the Agreement) which were executed between the company, FSPL and erstwhile Promoters of FSPL for acquisition of Foodworld Business. FSPL originally incorporated on 25 August 1999 is mainly into retail business format in food, FMCG and general merchandise category. For FY 2017-18, FSPL clocked turnover of Rs 119 crore on provisional basis.
During the year under review, the Company executed necessary agreements and on May 11, 2018 acquired the entire equity share capital of Travel News Services (India) Private Limited (TNSI) from its existing shareholders for cash consideration. Consequent to this, TNSI became a wholly owned subsidiary of the Company. In addition to this TNSI Retail Private Limited, a wholly owned subsidiary of TNSI and Welcome Retail Private Limited, a joint venture of TNSI in which TNSI holds 51% of the share capital also became step down subsidiaries of the Company effective from the same date i.e. May 11, 2018.During the year under review, the Company acquired the entire equity share capital of SHME (now known as SHME Food Brands Limited) for cash consideration of Rs. 0.01 crore from its existing shareholders on February 28, 2019 and accordingly, SHME became a wholly owned subsidiary of the Company.
The Board of Directors of the Company had approved the acquisition of entire equity share capital of its subsidiary, namely, Travel News Services (India) Pvt. Ltd. (TNSI) and also executed necessary agreement(s) and related documents for the said transaction. On May 11, 2018, the Company has paid Rs. 65.42 crore in cash (after adjustments) to the existing shareholders of TNSI towards the said acquisition. Further, on March 29, 2019, the Company had made an additional investment by subscribing 34,00,000 7% Cumulative Redeemable Preference Shares of Rs. 100/- each, aggregating to Rs. 34 crore in cash.
During the year 2019, the Company's joint venture company (JVC), viz; Future Retail LLC had in aggregate invested fund to the tune of Rs. 4.57 crore towards total 2,50,000 shares of Omani Rial 1 each in the share capital and accordingly it holds 50% of JV Company.
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