Heritage Foods on Monday said it is in talks with Kishore Biyani-led Future Group for a possible stake sale to the home-grown retail major. “We confirm that both groups have been in discussion for possible business association… However, at present, there is no legally binding agreement on any business collaboration or association and all discussions at this stage are exploratory in nature,” Heritage Foods said.
Heritage Foods was responding to reports that the company is in advanced talks with the Future Group to sell its retail business. Heritage Group, which was founded in 1992 by N Chandrababu Naidu, the current chief minister of Andhra Pradesh, reported a turnover of Rs 2,380.58 crore in the previous fiscal. The company has operations in dairy, retail, agri, bakery, renewable energy and animal feed segments.