Future Group announced on Thursday that it would acquire Express Retail Services, which operates 65 Big Apple stores in NCR region, for Rs. 61.4 crore.

The acquisition is expected to allow Future Group to considerably grow its presence in the convenience store format in NCR region, where it already has as many as one hundred KB's Fair Price neighborhood stores.

Confirming the acquisition in a filing with the Bombay Stock Exchange, the group said, "This acquisition will help consolidate its position in the region, besides leveraging on its operational and administrative infrastructure."

Big Apple stores' current owner Express Retail Services, which sell groceries and food products, generate around Rs 120 crore in revenue annually. What makes it more attractive is that fact that it is a debt-free company.

Future group recently transferred its more than 180 KB's Fair Price stores from Pantaloon Retail India to a fully-owned subsidiary of Future Ventures - Future Consumer Enterprises. Express Retail Services will also become a fully-owned subsidiary of Future Ventures. But, the group may merge Big Apple chain with Future Consumer Enterprises sometime later to consolidate its store operations under one holding company.

Big Apple chain has direct agreements with farmers in Uttar Pradesh, Haryana, Rajasthan and Himachal Pradesh, which ensures uninterrupted supply of qualitative food products.