Future Ventures, earlier a subsidiary of Kishore Biyani-led Pantaloon Retail, is now a separate company under the Future Group umbrella.
The move is to raise Rs 2,000 crore by selling Future Ventures equity through public and private placement.
Although the exact amount of stake dilution is not known, divestment of more than 20 per cent shares is likely.
“The company will incubate new ideas and invest in new ventures and real estate,” said Kishore Biyani. Though Biyani is heading the new company for now, the company is likely to have a new CEO in the next few months.
The company posted a net profit increase of 87.05 per cent for the year ended June 30, 2007, as compared to Rs 64.1 crore last fiscal.
“We will focus on increasing margins in the next quarter by 5 to 7 per cent through restructuring our fashion business. Overall, we are looking at higher growth,’’ Biyani added.
