Kishore Biyani is out shopping again, for the fifth time in as many years. Future Retail is set to acquire HyperCity, a premium chain of 19 hypermarkets from Shoppers Stop for Rs.700 crore through a combination of cash and shares to further consolidate his footprint in western India, said multiple sources aware.

A formal announcement is expected tomorrow after the board meeting of Future Retail.Loss making supermarket chain that opened its first store in 2006 is a subsidiary of Shoppers Stop, which owns a 51 per cent stake while parent K Raheja Corp holds the rest.

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