Home / Knowledge / News / Textiles / HK-based Fung Capital to invest $30 mn in Future Logistic

HK-based Fung Capital to invest $30 mn in Future Logistic

21
Jul '09
Future Logistic Solutions Limited (FLSL), a Future Group company engaged in supply chain and logistics solutions for the consumption sector in India, announced an investment agreement for private equity investment with Fung Capital, the private equity investment arm of the families of Dr Victor Fung and Dr William Fung, the controlling shareholders of the Li & Fung Group.

This investment is unrelated to any of the Li & Fung Group companies. Fung Capital, will invest around US $30 million in Future Logistic Solutions Limited which will be used for the enhancement of the logistics infrastructure of the company, strengthening of the technology platforms and expansion of the supply chain network of the company.

Founded in 2007, FLSL is India's first and only end-to-end consumer logistics company with expertise in the supply chain management of consumer product categories of Fashion, Food, Home Products and General Merchandise. It operates 30 distinct supply chains for these categories that are managed simultaneously, each with its own distinct requirements and customized solutions. FLSL currently services over 1100 retail outlets across India, managing more than 2.6 million SKU's from a warehousing network spread over 3 million sqft in 30 major centers in India and a fleet of over 500 vehicles plying across the length and breadth of the country.

FLSL takes over the entire task of managing the supply chain from the consumer, distribution and retail companies so that they can focus on their core activities. It offers a single-window to all the supply chain solutions required by companies like factory-gate logistics, storage & fulfillment, retail store replenishments, movement (nationwide and intra-city), cold chain, freight forwarding, custom clearance, reverse logistics and distribution services.

FLSL also provides value-added services like inventory planning & control support, vendor management, supply chain network modeling, quality assurance, bar coding services, process & productivity management services and packaging solutions.

“We have always had deep admiration for the entrepreneurial energy and the professional expertise that the Fung brothers and the Li & Fung Group have developed in sourcing, logistics and distribution solutions for almost every well known retailer in the world. Now with Fung Capital as our partner, we hope to offer global expertise in building the next generation logistics solutions for the Indian consumption sector, improve supply chain efficiencies and bring down costs for consumers,” said, Mr. Kishore Biyani, Group CEO, Future Group.

“We are delighted with the opportunity to partner with the Future Group in this logistics venture, which represents our first investment in India” said, Mr Rajesh Ranavat, Managing Director, Fung Capital He added that India is witnessing strong growth of modern retail and in turn will drive the requirement for integrated national logistics providers like FLSL. “We are very impressed with Mr. Kishore Biyani's success in building India's largest consumer retail group and have full confidence in FLSL's management team led by Mr. Anshuman Singh to execute its strategy of building a world class logistics operation in India” concluded Mr Ranavat.


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