Fung Capital to invest in JV with India’s Future Group
Fung Capital, the private equity arm of the family owners of Li & Fung Group, will invest in a wholesale joint venture with India’s Future Group. Fung Capital is expected to hold at least a 26% stake in the venture with Kishore Biyani and his family, who founded Future Group, owning the remainder.
Rajesh Ranavat, managing director of Fung Management Singapore, which handles the Fung family's business interests, confirmed the tie-up to The Wall Street Journal. The joint venture will consumer goods sourced through Li & Fung's trading platform and sell them to retailers in India.
Fung Capital already owns a 26% stake in Future Group's logistics business following a $30 million investment in 2009. The Indian conglomerate also operates Pantaloon Retail, the country's largest listed retailer.
The Fung family's private investment arm last year formed a joint venture with Netjets, a private aviation company owned by Warren Buffett's Berkshire Hathaway, and Hony Capital to provide private jet management services to the expanding China market.
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