Future Consumer Enterprise (FCEL) has entered into Memorandum of Understandings (MoUs) with commodity companies LT Overseas and Cargill to manufacture edible oil and staples including rice. The company has signed a MoU to set up a rice mill with LT Overseas (the makers of Daawat rice) and with Cargill. The MoU is for forging partnerships and to cooperate with each other to broaden the relationship in the future. Meanwhile, the company has decided to adopt the direct distribution route to supply its products to retailers. The company had recently raised Rs 300 crore from Black River, a fund supported by Cargill.
The company is also entering into unique distribution tie-ups with local dairy companies like Gopalji and Prabhat Dairy to take its Nilgiris brand of bakery dairy products to a wider market.
Future Consumer Enterprise is the alternate investment arm of Future Group, India's largest retailer. The Future Group is a business group, led by Kishore Biyani, focusing on consumption-led businesses in India and is also one of India’s leading organized multi-format retailers.
