Future Group to invest 180cr in home retail venture

Noida, Apr 6: Home Solutions India Ltd, a part of the Future Group, today launched a home improvement retail format ''Home Town'' and said will invest over Rs 180 crore for setting up nine such stores in the next 15 months.

The company expects revenues of over Rs 200 crore from each store, aggregating to about Rs 1,800 crore in this financial year.

Home Town also launched its credit product -- 'future money' -- under which consumers can avail of loans and pay monthly installments for the products purchased.

''Depending on the products, the rate of interest will be decided. It would vary from 11-20 per cent,'' Future Group CEO Kishore Biyani told reporters here.

Home Town will have life displays of living rooms, bed rooms, kitchens and bathrooms.

To a question on whether other companies of the group like Pantaloon and Big Bazaar will play any role in the new venture, Mr Biyani said ''Big Bazaar is a value format while Home Town is a value lifestyle format. However, Big Bazaar products will be available here.'' The group has tied-up with Unitech and other real estate companies for space for the showrooms.

Average size of each store will be 50,000 sq ft to 100,000 sq ft.

UNI