Future Consumer Enterprise Ltd (FCEL), a unit of the Kishore Biyani-led Future Group, has taken full control of Aadhaar Wholesale Trading and Distribution by acquiring the balance 30 per cent stake held by Godrej Agrovet and Anamudi Real Estates LLP, in a stock swap deal.

It has swapped the 30 per cent stake by issuing 45.9 million equity shares to the sellers with a lock-in period of one year.

In 2008, FCEL (then known as Future Ventures) had bought a 70 per cent stake for ₹30.18 crore in Godrej Agrovet, the promoter of Aadhar chain of rural supermarkets.

Currently, Aadhaar has 40 outlets in rural Gujarat and Punjab selling personal and homecare products.

It also has cash-and-carry stores under Aadhar Wholesale Market.

The acquisition will give the Future Group access to the rural markets through Aadhaar’s network of stores.

With a turnover of ₹2,000 crore, FCEL is being positioned by the Future Group to acquire companies in the food and FMCG space and has presence across the food value chain.

It recently picked up a 51 per cent stake in Sublime Foods Pvt Ltd, owned by the Bhandari Group.

The joint venture company will make salad dressings, cooking pastes, spreads and dips from FCEL’s food park in Tumkur, Karnataka.

Last year, FCEL had also acquired the Nilgiris chain for ₹300 crore.

On Monday, the shares of FCEL dropped by 3.81 per cent and closed at ₹14.66 on the BSE.

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