The Hindu Business Line : Future Money plans 400 outlets by 2010

Ahmedabad June 15 The Kishore Biyani-promoted Future Money, owned by Future Capital Holdings, is set to open 400 outlets by 2010-11 with an expected turnover of $1 billion.

Besides, the company may also set up shop as a non-banking finance company, independent of the various formats of the Future Group in the next few years, like GE Money, said Mr Rakesh Makkar, CEO.

Currently, Future Money is concentrating on the 200-odd stores in different formats promoted by the Future Group. These have a turnover of around Rs 2,000 crore, he told Business Line.

Mr Makkar also said that the Group is working on credit cards for customers in association and co-branded with ICICI Bank, to be introduced shortly across India.

"We are targeting 3-4 lakh card-owning customers in the current fiscal."

Future Money's current equity of Rs 100 crore has been provided by the promoter.

It is offering a promotional offer of zero per cent interest for the first 3-6 months, after which interest on consumer loans would be charged at market rates, Mr Makkar added.

In order to finance consumers through Future Money, the Group has introduced loan-giving counters right at the stores in a bid to provide single-window solutions and ensure that the customer does not have to go to a bank or other financial institution for a loan.

The concept is being extended to the different formats of stores where Future Money will provide loans to the customer, beginning with a minimum of Rs 10,000, he said.

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