Kishore Biyani-led Future Retail will form a joint venture with Oman-based Khimji Ramdas LLC to take its 'fbb' brand fashion outlets to Oman and other GCC countries.
Future Retail has entered into a shareholders agreement with Khimji Ramdas LLC for formation of the JV company, the company said in the regulatory filing.
The 50-50 JV will operate "fbb" brand fashion outlets in Oman and across other member states of GCC, it said.
The joint venture company is proposed to be incorporated in Oman in which each party to the agreement shall subscribe 50 per cent of share capital.
As per the proposal, each party would have the right to appoint three directors on board of JV company.
Future Retail stocks closed 1.93 per cent up at Rs 508.90 on BSE today.
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