Future Logistics to raise $25 Mn via PEs

New Delhi: Future Logistics Solutions (FLSL), the logistics arm of Future Group, will raise $25 million (Rs10 crore) by selling stakes in the venture to private equity firms, reported Mint.

Talking about the funding plans, chief executive of FLSL, Anshuman Singh said," We are in talks with five Indian and foreign private equity companies and a deal is expected in a month." The company has just entered the valuation phase and the private equity companies are yet to figure out the actual valuation of the firm that takes care of most of Future Group?s logistical apparatus.

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Kishore Biyani, chief, Future Group, had earlier said that he wanted to raise money by selling stake in subsidiaries including Future Media India, and FLSL to fund the company's retail plans.

The money raised will be used to upgrade technology and infrastructure at FLSL, adding the firm plans to invest around $88 million (Rs 350 crore) in the next three years.

Currently, the company handles around three million merchandise items every day, while catering to the hundreds of retail stores owned by the group. It expects to ramp up capacity to 30 million items a day as the group expands its chain of stores.