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Saturday, January 12, 2008

Future Group to hive off Big Bazaar

New Delhi, Jan 11 Kishore Biyani-led Future Group is considering hiving-off its hypermarket format Big Bazaar into a separate company. "Managing a $1 billion business already is a challenge", Biyani said speaking to the reporters on Friday, referring to the big Bazaar format, which is expected to generate revenue of $1 billion in the fiscal 2007-08. Big Bazaar is a hypermarket format of the Pantaloon Retail (India) Ltd.

The Group expects to increase its revenues to $7-8 billion by 2011, of which Big Bazaar is expected to contribute a large chunk of around $4 billion. It has emerged as the largest retail format of Future Group's retail division. Biyani said that the proposal is at a very initial stage and has to be taken to the board. "Currently we have more than 80 Big Bazaars and we are planning to scale it up to 160 by the year end", he said. Highlighting that the company was going to go very aggressive in rolling out the Big Bazaar format, he said that the total floor area by 2011 would scale up to 30 million square feet from the present figure of 10 million square feet. Speaking on the other formats, Biyani said that the group was expecting a revenue of Rs 1,300 crore from the Home Town stores which the company launched last year.

"The consumer electronics segment is doing extremely well," he said, elaborating that the group was expecting the segment to generate revenue of Rs 2,000 crore by next year.

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