Future Consumer Enterprise Ltd, an FMCG division of Indian conglomerate Future Group, has secured a US$20m investment from the International Finance Corporation, the investment arm of the World Bank.
The investment has been secured through “equity linked instruments”, Future said, and the group plans to issue and allot securities to the IFC.
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“This partnership not only brings long term financing capital but would also help the company in incorporating global best practices in environment, health and safety. The investment from IFC will aid the company in fuelling its growth plans and further strengthening its balance sheet,” the company said.
Last October, Future revealed it is planning a major push in food manufacturing as part of its drive to increase sales to INR10trn (US$154.2bn) over the next six years. At the time, CEO Kishore Biyani said the company believed investments in food manufacturing and small format stores will drive compound sales growth up by 25% from current levels of INR2.2trn.
The company did not respond to requests for comment on how the funds will further its ambitions in food production. Future is expanding in the frozen, bakery, milling, oat processing and fresh produce sectors in India.
Earlier this year, the Indian company revealed it has entered into a “strategic alliance” with Cargill investment arm, Black River Food Fund 2. Black River, which is now known as Proterra Investment Partners, has invested $55m in Future.
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