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October 4, 2012

Future Group has acquired Delhi 65 stores of Big Apple

Future Group has acquired Delhi's convenience store chain Big Apple which operates 65 stores in the National Capital Region (NCR) for around Rs 62 crore in an all-cash deal. The group is likely to re-brand the Big Apple stores into its KB's Fair Price stores - the group's neighbourhood store format 

The country's largest retailer closed the deal through Future Ventures India Ltd, the investment arm of the group which builds and operates innovative and emerging businesses.

The acquisition will help Future Group to significantly grow presence in the convenience store format in NCR where it already operates 100 KB's Fair Price neighborhood stores and have a ready operational and administrative infrastructure,

Big Apple is owned by Express Retail Services Ltd, which sells groceries and food products for over six years. The Big Apple stores generate annual revenue of around Rs 120 crore and is a debt-free company.