Future Consumer raises Rs 200 crore from UK's CDC Group
ET Bureau|
Feb 15, 2018, 08.45 PM IST
Mumbai: Kishore Biyani's Future Consumer has raised Rs200 crore from UK based CDC Group plc, through non- convertible debentures (NCDs) to finance capex, long-term working capital and support the growth of the business.
CDC Group plc is the UK’s development finance institution and is wholly owned by the UK Government. The company said it has a tenure of seven years with lower cash coupon rates in the first two years and repayments starting only after three years.
“We are pleased to be associated with an esteemed institution like CDC, which is the world’s oldest Development Finance Institution (DFI). CDC joins other marquee institutional investors such as International Finance Corporation, Proterra Partners, who have recently partnered in the growth journey of our company," said Kishore Biyani, Vice Chairman, Future Consumer Limited
With revenues of Rs644.8 crore, FCL registered a 52% growth during Q3FY18. The company has more than three dozen brand under over 70 categories, including food brands such as Sunkist, Karmiq, Golden Harvest, Fresh & Pure, Premium Harvest and Tasty Treat. Biyani had earlier said he expects the firm to contribute 70% to the Future Group’s consumer-goods sales by 2022.
CDC Group plc is the UK’s development finance institution and is wholly owned by the UK Government. The company said it has a tenure of seven years with lower cash coupon rates in the first two years and repayments starting only after three years.
“We are pleased to be associated with an esteemed institution like CDC, which is the world’s oldest Development Finance Institution (DFI). CDC joins other marquee institutional investors such as International Finance Corporation, Proterra Partners, who have recently partnered in the growth journey of our company," said Kishore Biyani, Vice Chairman, Future Consumer Limited
With revenues of Rs644.8 crore, FCL registered a 52% growth during Q3FY18. The company has more than three dozen brand under over 70 categories, including food brands such as Sunkist, Karmiq, Golden Harvest, Fresh & Pure, Premium Harvest and Tasty Treat. Biyani had earlier said he expects the firm to contribute 70% to the Future Group’s consumer-goods sales by 2022.
