Future Retail Ltd Tuesday said it has formed an equal joint venture with Khimji Ramdas LLC to form a joint venture firm to operate FBB apparel stores in Oman and other member states of the Gulf Cooperation Council (GCC).
The joint venture was originally announced in May 2017.
Both Future Retail and Khimji Ramdas will have the right to appoint three directors to the board of the new company which will be based in Oman, Future Retail said in a filing to BSE.
In case of an increase in capital, each party will have the right to subscribe for new shares in proportion to the number of shares it has in the new company, Future Retail added in the filing.
The Kishore Biyani-led Future Group had announced the Rs150 crore joint venture last year. Back then, the company said it would sell both its apparels and foods in the Gulf through the joint venture, which will be called KR Future Fashion Llc.
Future Group will put in Rs75 crore through its various listed entities, including Future Lifestyle and Fashion Ltd and Future Consumer Ltd, Mint reported on 17 May.
Source: Mint