Future Group Acquires Grocery Chain Nilgiris from Actis and the Mudaliar Family (Asia)

Source: Future Group, Economic Times

India-based conglomerate Future Group, through its consumer goods arm Future Consumer Enterprise, has acquired India-based supermarket chain Nilgiris for a reported INR3 billion (approximately US$49 million) from pan-emerging markets private equity firm Actis and company founders the Mudaliar family. Nilgiris operates across South India, with stores in Karnataka, Kerala, Andhra Pradesh and Tamil Nadu, and specializes in dairy and baked goods. Actis acquired a 65 percent stake in Nilgiris in 2006.