Future Cap to focus on retail, wholesale credit business

Kishore Biyani’s Future Capital Holdings (FCH) will pay more heed to consumer loans, wholesale credit and insurance in sync with the group’s operations, the change in direction necessitated by the retail mogul’s recent split with fellow promoter Sameer Sain.

FCH’s operations spanned from retail financial services to wholesale credit, both inherent to the group’s mainstay retail, to the investment advisory business that was singularly focused on private equity. But the parting of ways, spawned by their diverse business interests, led to Mr Biyani managing the retail financial services and the investment advisory business going to Mr Sain.

“The focus is on growing consumption through credit. But the investment advisory business will continue to be a revenue generator for FCH,” said Mr Biyani, CEO of Future Group, the country’s biggest retailer. Mr Biyani’s business objectives are centred on retail, while Mr Sain is fixated on private equity, said people familiar with their separation plan.

Mr Biyani has since, been amplifying his stake in FCH by buying nearly 2% from Mr Sain, the second-largest shareholder. Mr Biyani’s stake has risen to 7.5%, while Mr Sain’s has fallen to 7.9%, say stock exchange data. Company watchers say Mr Sain plans to exit FCH eventually.

Future’s listed offshoot Pantaloon Retail holds 54.8% in FCH.