Kishore Biyani, Managing Director of Pantaloon Retail (India) Limited, said the company was mulling an initial public offer for Future Ventures, and that a decison on the same would be taken in 30 days.
Biyani said he was looking to raise Rs 2,000 crore through the IPO and added he would put the money to use for new ideas.
“We are looking at reorganising the group business and consolidate retail under the financial business,” Biyani said, adding that the company would unfold plans to realign businesses in the next few weeks.
Q: Are you going to go ahead with the IPO and what is the exact quantum that you seek to raise?
A: I think we have started working on drawing board of how we can look at IPO of Future Ventures. So definitely something is on the cards but we will take a decision in the next 30 days and the original quantum will get reduced. We are still working on the final numbers. But we are looking at some form of IPO for Future Ventures because that is one of our largest dreams. Lot of people can participate in the growth of the consumption story. We have some big plans on Future Ventures but we will unfold it in the next few days.
Q: We hear that even if the trim down version of the IPO should be Rs 2,000 crore plus, what would you need to raise that kind of money for and will any of that money come into any of your group companies?
A: No, that is not the idea. The idea is to fund or be a mentor capitalist to a lot of consumption stories in the country. The idea is also to look at partnering with various partners in building up the consumption theme in India and also building up new projects. Maybe we might look at entry into our own brand of airtime along with somebody and they might be funded by this. So, we are looking at some big ideas to be funded out of this Future Ventures.
No comments:
Post a Comment