Future Group to foray into ‘Real Estate Business’

Kishore Biyani, CEO of Future GroupThe Kishore Biyani-led Future Group is all set to foray into real estate business for building ready-to-move-in houses.

The company has informed that it has signed 50:50 joint venture with Kolkata-based developer Sumit Dabriwal, to incorporate FH Residencies, for 'branded apartments' that would be available at an 'affordable' cost.

The latest move was considered as a part of the company's strategy to achieve a turnover of Rs 13,000 crore by July 2011.

Beside this, Future Ventures, is reportedly in the final stages of announcing its initial public offering (IPO) within the next 30 days.

Earlier the company had deferred the IPO due to global slowdown and economical crisis.

The company also plans to raise additional long term funds up to Rs 1,000 crore in one or more tranches through issuance of securities to various investors.