INDIA: Future Group scales down expansion - report

By: just-food.com | 19 March 2009

Indian retailer Future Group said it has scaled down its retail space expansion plans by almost half, according to reports.

The retail major said it was originally planning to add 4m sq ft of space into its retail business but has now downsized this to 2.5m as the market continues to slump.

Future Group CEO Kishore Biyani told reporters in India that the investment would cost around INR700m-800m (US$13.9m - $15.9m) and that it would be funded by a "mix of internal accruals, equity and debt" of around INR300m-400m.

Future Group has a number of chain stores including Pantaloon Retail and Big Bazaar.

Sectors: Retail

Companies: Pantaloon Retail