MUMBAI, May 16 (Reuters) - India’s Future Group on Tuesday said it had tied up with UAE’s Khimji Ramdas Group to sell garments in Oman, and eventually across the Gulf region, in its first international foray.
The Indian consumer goods firm, which sells everything from electronic goods and groceries to fashion apparel, plans to initially open 4 to 5 stores in Oman, and eventually 17 to 18, Future Group Chief Executive Kishore Biyani told reporters during a press conference in Mumbai.
Both companies have invested 750 million rupees ($11.71 million) each in the 50-50 joint venture, under which Future Group also plans to sell food and consumer goods like soaps and detergents in the future, Biyani said.
The first store under the joint-venture is expected to open in the first quarter of next year, he said, adding that the company expects revenue of around 110 billion to 120 billion rupees from its domestic clothing business this year. ($1 = 64.0700 Indian rupees) (Reporting by Zeba Siddiqui in Mumbai; Editing by Sunil Nair)