Future Group gets nod to set up subsidiary in UAE
24 Apr 2014
Future Consumer Enterprise, the food and fast moving consumer goods (FMCG) arm of the Kishore Biyani-led Future Group, has received permission to set up a wholly-owned subsidiary in the UAE.
The subsidiary will be predominantly engaged in the business of export of own-brand products of the company and import/export of other branded products in the food, processed food, other agri products and FMCG category.
Future Group envisages investment of AED 1.50 million (Rs2.4 crore) for setting up the wholly-owned subsidiary company in the UAE.
Future Consumer Enterprises, formerly known as Future Ventures, is engaged in procuring, processing and supplying agricultural commodities in loose and packaged form under various private brands. Some of its private label FMCG brands include `Tasty Treat', `Clean Mate', `Care Mate', `Premium Harvest' and `Fresh and Pure'.
Future Consumer Enterprises supplies to various formats such as Food Bazaar, KBs Fair Price, Big Apple, Aadhaar, etc, besides other institutional and general traders.
Future Consumer Enterprise is the alternate investment arm of the Future Group, and has about 48 distribution centres at 32 locations across 16 states in India.