Kishore Biyani is on a buying spree as Future Group has now snapped up Sangam Direct chain of grocery stores from Wadhawan Holding, a company owned by the promoters of Dewan Housing Finance Corp. Ltd (DHFL), further consolidating his position as the country’s largest grocer.
According to sources, Biyani’s group will purchase three dozen stores network from Wadhawan mainly through a “lease transfer” way instead of cash. A Future Group spokesperson said the company does not comment on market speculations. A Wadhawan spokesperson said: “They are speculative news in the market and would not like to comment on the same.” Wadhawan operate the stores under Sangam Direct (that was earlier known as Sabka Bazaar stores) in Delhi NCR and in Bengaluru. The sources said Sangam Direct business has a revenue of about Rs 100-150 crore.