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JPM, KKR eyeing Future Cap?

business Updated: Aug 30, 2011 20:53 IST
Reuters
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Kishore Biyani-led Future Group is in talks with a clutch of potential buyers including JPMorgan and Kohlberg Kravis Roberts and Co (KKR) to sell its financial services arm, Future Capital Holdings, said three sources with direct knowledge of the matter.

The group, which has hired Morgan Stanley to run the sale process, is also in talks with the Piramal group, said sources.

Shares in Future Capital, which have lost 18.2% over the last one month, rose more than 7% on the Bombay Stock Exchange.

Future Capital is a non-bank finance company that makes consumer and mortgage loans and has a market capitalisation of of $214 million.

Future Group and the Piramal group declined to comment, while JPMorgan did not return an e-mail seeking comment. An official with US-based private equity giant KKR was not immediately available for comment.

Future Group owns 54% of Future Capital, which has more than Rs 3,000 crore of assets.

Piramal group firm Piramal Healthcare said in May it was entering the financial services business. Piramal Healthcare is armed with a war chest after selling its domestic formulations business for $3.7 billion (Rs 17,020 crore).

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