Kishore Biyani-promoted Future Group is understood to be in advanced stage of negotiations to acquire a domestic FMCG firm, as it looks to push its expansion in the foods segment and clock a turnover of Rs 1,000 crore in the next three years.
"We are actively pursuing acquisitions and you will hear from us on that front," Future Group CEO Kishore Biyani told reporters here when asked about the firm's acquisition plans.
He said acquisition is part of the group's plan to grow in the fast moving consumer goods (FMCG) foods segment.
"In the FMCG foods segment we are looking to be a Rs 1,000 crore company in the next three years," Biyani said.
He, however, declined to give details about the target company, such as size and location, and a timeline for a deal.
Industry sources, however, said the firm that Future Group is likely to acquire is a mid-sized company based in Western India. Further details could not be ascertained.
"An announcement could even happen within a month," a source said.
Recently, Capital Foods, a firm owned by Future Ventures which is part of the Future Group, and other investors had acquired the 'Khana Khazana' brand of renowned chef Sanjeev Kapoor. It plans to bring new range of products in the ready-to-eat segment, jams, pickles, frozen foods among others.
Future Group has private labels such as Tasty Treat (snacks and soft drinks) and Premium Harvest (packaged pulses and rice) in the foods category.
