Future Consumer Enterprises Ltd, the publicly held company of Future Group, has increased its stake in Integrated Food Park Pvt Ltd (IFPPL) to 73.89 per cent by acquiring an additional 28.86 per cent stake for an undisclosed amount.
With this, Future Group has become a majority stake holder in IFPPL, a private partnership-based mega food park. The company did not specify if it acquired the stake from existing investors or through fresh investment into the company. IFPPL is a Public Private Partnership (PPP) project to set up Mega Food Park (MFP) in Karnataka with Future Group flagship Future Retail, Capital Foods (a previous portfolio firm of Future Consumer) and Bengaluru-based Salarpuria Group’s real estate firm Sattva as its promoters.
Future Group had said it estimates an investment of ₹1,000 crore over 3-5 year period. The 110-acre integrated food park is near Tumkur near Bengaluru. Future Group has already invested around ₹250 crore to develop the first phase of this food park, which seeks to integrate the entire food value chain from farm to plate at a single location. Products developed at the India Food Park will be retailed through Future Group's retail formats such as Big Bazaar, Food Bazaar, Foodhall, KB's Fairprice, Big Apple and Aadhaar as well as through general trade and other modern retailers.