Future Group acquires Big Apple for Rs 61.35 crore

Indian Retail major Future Group has announced that it will acquire Express Retail Services Pvt Ltd, which runs Big Apple stores, for Rs 61.35 crore.

ERSPL is a debt-free company (Owner of Big Apple), is expecting net sales of Rs 120 crore during 2012-13 which makes the deal really profitable for group. Future Group runs 100 stores of its retail brand KB’s Fairprice in NCR, while Big Apple has 65 outlets.

The Future group is burdened with an estimated consolidated debt of Rs 6,000 crore, has been looking for consolidation and shedding some of the business arm including its stationary business, selling stake in Future Generali Insurance and Future Supply Chain.