Lawson Inc, Japan's second-largest convenience store chain, has appointed audit and consultancy firm PwC to carry out due diligence on a number of unlisted companies of the Future Group that supply fruit, vegetables and staples for India's largest retailer. If the deal fructifies, the $25-billion Japanese retailer will invest in a holding company that will control six other companies of the Indian retailer that supplies to formats Big Bazaar, Food Bazaar, KB FairPrice and Aadhaar. The combined businesses of all these entities - both back and front end - are estimated at over 3,000 crore, investment banking officials said. The Future Group, founded by Kishor Biyani - the face of organised retail in India - has appointed investment banker Nomura Capital to conduct due diligence on its behalf. Following the due diligence, the financial transaction is expected to be closed by the end of the year.
Source : Economic Times
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