Heritage Foods sizzles on purchase by Future Retail
DSIJ Intelligence / 08 Nov 2016
Future Retail has agreed to buy the retail business of Hyderabad based Heritage Foods Ltd., whose retail wing includes a chain of 124 Heritage Fresh stores in South India. Heritage Foods will be getting a 3.65 per cent stake in Future Retail valued at approximately Rs 295 crore.
Future Retail has agreed to buy the retail business of Hyderabad based Heritage Foods Ltd., whose retail wing includes a chain of 124 Heritage Fresh stores in South India. Heritage Foods will be getting a 3.65 per cent stake in Future Retail valued at approximately Rs 295 crore.
Heritage Foods is owned by family members of Andhra Pradesh Chief Minister, N.Chnadrababu Naidu. Heritage Foods has major presence in three cities including Hyderabad, Bangalore and Chennai. The retail stores sell fast moving consumer goods (FMCG), Staples and fresh fruits and vegetables.
The revenues generated by Heritage Foods for year ended March 2016 stand at Rs 629.70 crore.The acquisition looks interesting from Future Retail's point of view, as scale makes a difference in Retail business and Heritage Foods business will complement its business.
Heritage Foods shares after gaining 10 per cent on Monday, are trading at Rs 910 on Tuesday on an intraday basis. At Rs 910 per share the stock is up by 3.75 per cent.
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