Heritage Foods, whose retail wing includes a chain of 124 Heritage Fresh stores in Hyderabad, Bengaluru and Chennai, to get a 3.65% stake worth Rs295 crore in Future Retail.
Kishore Biyani-led Future Retail Ltd on Monday said it agreed to buy the retail business of Hyderabad-based Heritage Foods Ltd, promoted by the family members of Andhra Pradesh chief minister N. Chandrababu Naidu, in an all-stock deal. Under the terms of the deal, Heritage Foods will get a 3.65% stake or freshly issued shares worth Rs295 crore in Future Retail. Heritage’s retail business includes the popular Heritage Fresh chain of 124 stores in the three key southern cities of Hyderabad, Bengaluru and Chennai. The stores sell a range of household items, fast-moving consumer goods (FMCG), staples and fresh fruits and vegetables.