Biyani sees future for his group in new FDI norms

Says foreign chains need domestic partners like Future Group to make them successful because of the latter's presence in the business for a long time

Kishore Biyani, group chief executive of Future Group believes the entry of retail giants such as Amazon and Walmart into the food retail segment because of the new foreign direct investment (FDI) policy would boost prospects of the group.

"We have an exclusive tie-up with Amazon in Bengaluru where they are sourcing from us. We are also working to align with other business which they would not be a part of. Therefore, we would participate in what they are doing," Biyani told a television channel on Tuesday.

He said foreign chains need domestic partners like Future Group to make them successful because of the latter's presence in the business for a long time. "In fact, we benefit more if they want to do something in the counrty," he added.

He said the company is well placed. It is into domestic manufacturing, sourcing from agricultural produce to processed foods among others. "So it will be interesting to see how we can participate in the new policy."

On Monday, the government relaxed FDI norms, approving 100 per cent FDI in trading of food products if they are produced and made in India.

Biyani has always been an advocate of the government allowing FDI in food retail. Biju Kurien, member of an advisory board of L Capital and former chief executive at Reliance Retail said, foreign retailers would find it attractive to invest it Indian food retail. "Retailers would also encourage them to set up plants here," he added.