Stressing that funds are required for expansions in retail, Future Group chief Kishore Biyani today said some policy relaxation regarding FDI in the sector is expected in the next few months.
"We expect some gift from the government in the first quarter of the new year ... The sector needs fund for expansion," Biyani told reporters here.
He said allowing FDI would bring in the much needed fund to expand operations of retailers in the country, adding the government can look at taking up the matter gradually.
"We have been saying that at least 49 per cent foreign institutional investments (FIIs) should be allowed. Also, non-controversial sectors like furnitures, sports and consumer durables should be opened to FDI," Biyani said.
On the contentious issue of FDI in multi-brand retailing, he said "some amount can be considered".
Biyani, whose Future Group has been linked with French retailer Carrefour for a possible partnership, said whenever the sector is opened to FDI there would be many suitors to partner the Indian firm.
He, however, neither denied nor confirmed the link-up with Carrefour saying, "we keep on talking to lot of people all the time."
On the proposed initial public offer of group firm Future Ventures, Biyani said: "Once we get Sebi approval we will go ahead. We expect it to happen by the first quarter of next fiscal."
Future Ventures, the venture capital arm of the group is planning to raise about Rs 750 crore from the capital markets. Earlier in 2008 the company had filed a prospectus, but did not come out with an offer due to adverse markets conditions.
