Kishore Biyani’s Future Group picks up higher stake in IFPPL

In a letter to the National Stock Exchange, Kishore Biyani’s Future Consumer Enterprise Limited (FCEL) has become a majority stakeholder of the Integrated Food Park Private Limited, a public-private partnership based mega Food Park. The company picked up an additional equity shares of up to 28.86% of the paid up capital.

“With the present acquisition, FCEL holds 73.89% of the paid-up capital of IFPPL. This may please be also considered as compliance in terms of the applicable provisions of the Listing Agreement,” said the company in the letter.

It should be noted that the mega food project was launched last year in September 2014, in Tumkur in Karnataka while a special purpose vehicle, Integrated Food Park Private Limited, was set-up in Bangalore. According to reports, the project has been launched under Ministry of Food Processing Industries to support the food processing sector.