Future to exit stationery JV with Staples

New Delhi | Updated: Jun 30 2012, 08:05am hrs
Future Group is understood to have finalised plans to exit from stationery joint venture with US-based Staples by selling its entire stake to the partner for up to R170 crore.

According to sources close to the development, the Indian retail giant and Staples Asia Investment have reached at an understanding and an announcement is likely to be made in about one month. "Future Group has decided to exit the joint venture with Staples. The foreign firm will buyout the Indian partner's entire stake for R150-170 crore," a source said. The group's retail holding firm Pantaloon Retail India holds 39.5% stake in the JV Staples Future Office Products (SFOP).

No immediate comments could be obtained from Future Group officials. An email query sent to the Staples remained unanswered. After announcing stake sale in its flagship Pantaloon and Future Capital, the Kishore Biyani-led Future Group is readying itself for more sell-off, including Future Supply Chain (FSC).