Future Ventures India makes additional investment in Holii

Future Ventures India (FVIL) has made an additional investment in Holii Accessories (Holii). The company has subscribed to and has been allotted 150,000 equity shares of Holii.

Holii is a joint venture company between Hidesign India (Hidesign) and FVIL, each holding 50% of its paid-up equity share capital. Consequent to the rights offer made by Holii, equal shares have been allotted to Hidesign.

Holii is in the business of designing and distributing fashion accessories, such as luxury handbags, wallets and other products for women, under the brand name ‘Holii’. The aggregate infusion of Rs 3.00 crore by the joint venture partners subscribing to the equity shares of Holii, will be deployed to meet its working capital and other business requirements. The total revenue for Holii during the financial year ended March 31, 2012 was Rs 570.60 lakh as against Rs 393.41 lakh for the year prior to that.

Future Ventures currently has 13 companies in its portfolio which own brands in fashion, FMCG, food processing and home products. The company invests in businesses which are strategically important to the group's retail business. It plans to use a large part of the funds for acquiring new businesses while a small part of the proceeds will be used to grow the existing businesses.