Future Retail Ltd has confirmed today that it has acquired Travel News Services (India) for a whopping Rs. 65.42 crore in cash to the latter’s shareholders for the entire stake.
Post this acquisition of entire share capital, TNSI has become a wholly owned subsidiary as informed by Future Retail Ltd in a filing to BSE.
The filing said, “By virtue of said acquisition, the subsidiary companies of TNSI—TNSI Retail Pvt Ltd (TNSI Retail) and Welcome Retail Pvt Ltd (WRPL)–have also become step down subsidiaries of the company.”
WRPL is a joint venture of TNSI into which TNSI holds 51 percent of the share capital.
Headed by Kishore Biyani, Future Retail has earlier said in January this year that it will fully acquire TNSI in a Rs. 100 crore deal, a move that would help the company to consolidate further its retail business.
As per market analyst, this mega acquisition will help the company to expand its presence at metro stations, airports, and universities where the majority of retail outlets of TNSI and TNSI Retail are operating.
Future Groups runs India’s largest supermarket chain Big Bazaar and had announced earlier this month that it is eyeing to expand its retail business in the country which would proposedly reach Rs. 40,000 crores in 2018-19. We will touch Rs 40,000 crore by next year as a Group. Future Group. Currently, this year, we should be Rs 30,000 crore,” he had said.