NEW DELHI:
Future Capital Holdings, financial arm of Future Group, has picked up minority stake in Mumbai-based Biba Apparels Pvt Ltd for Rs20 crore.
Biba Apparels retails ethnic womenswear at multi-brand outlets like Shoppers' Stop and Lifestyle and at 42 Biba exclusive outlets in Mumbai, Delhi, Hyderabad and Bangalore.
“We have picked up a minority stake in Biba,” Confirmed Sameer Sain, Future Capital CEO.
According to sources, the stake picked up by Future Capital is in the range of 7-15 percent The investment is learnt to be in the form of convertible debentures.
“We have been looking at various funding options for our expansion plans. Apart from increasing retail presence of our exclusive stores in country from the current 65,000 sq ft to 220,000 sq ft by 2010-11, we plan to enter overseas market in 2007,” Biba Apparels Director, Sanjay Bindra said.
Biba has tied up with Dubai-based retailer Lulu. The apparel retailer plans to open 20 Biba outlets in Dubai in next three months, for which it is in process of identifying locations and getting its label registered.
Biba's projected revenues for the current fiscal are about Rs60 crore.
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