finance world:Future Group to become debt-free by March 2013

Retailing giant, Future Group is aiming to reduce its debt and become a completely debt-free company by March 2013, according to Chairman Kishore Biyani.

The group is planning to sell brands and units in order to raise funds to reduce its debt level that amounts to about $ 1.6 billion. It is aiming to raise between Rs 25 billion to 30 billion through sale of stake in Future Value Retail to a strategic investor. Future Value Retail owns Big Bazaar hypermarkets and Food Bazaar supermarkets in the country. According to a report, the company might be planning to merge its electronics retail chain eZone with another services company. It might also be looking at inviting financial and strategic partners for its furniture retail, HomeTown to reduce the debt of the parent company, Pantaloon, by around Rs. 6 billion to 7 billion. Pantaloon Retail has a debt of about Rs. 25 billion. Another group unit, Future Logistics is planning to raise Rs 8 billion to 10 billion from private equity investors while Future Ventures might sell some of its holdings in various brands. source:topnews.in