According to the ongoing reports, India's leading grocery retail giant Future Group is in advance talks to acquire Heritage Fresh, the retail business of Heritage Foods founded by Andhra Pradesh CM Nara Chandrababu Naidu.
Heritage Group's value is estimated at Rs 2,381 crore in today's market and it has more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru. Future Group's head honcho Kishore Biyani has reportedly offered a lucrative deal to overtake it. In the past, Future Group had acquired Hyderabad-based Nilgiri's supermarket chain, Easyday network from Bharti Retail and New Delhi-based Big Apple. Heritage Fresh would be Kishore Biyani's fourth make acquisition since 2012.
Chandrababu Naidu founded the Heritage Group in 1992 with two major divisions of dairy and retail. The Heritage Fresh accounts for nearly one fourth of the group's overall business, with Rs 583 crore sales in the last financial year. Today, Heritage Fresh has more than 115 retail stores spread over 2,500 sft each on average, serving more than two million customers every month in the three southern cities.