Future Group CEO Kishore Biyani says the firm plans to initially open 4 to 5 stores in Oman, and eventually 17 to 18 across the Gulf region. Photo: Hemant Mishra/MintMumbai: India’s Future Group on Tuesday said it had tied up with UAE’s Khimji Ramdas Group to sell garments in Oman, and eventually across the Gulf region, in its first international foray. The Indian consumer goods firm, which sells everything from electronic goods and groceries to fashion apparel, plans to initially open 4 to 5 stores in Oman, and eventually 17 to 18, Future Group chief executive Kishore Biyani told reporters during a press conference in Mumbai. Both companies have invested Rs75 crore ($11.71 million) each in the 50-50 joint venture, under which Future Group also plans to sell food and consumer goods like soaps and detergents in the future, Biyani said. The first store under the joint-venture is expected to open in the first quarter of next year, he said, adding that the company expects revenue of around Rs11,000 crore to Rs12,000 crore from its domestic clothing business this year.

Source: Mint May 16, 2017 09:22 UTC