Forex reserves up $1.43bn at $199.18bn

Foreign exchange reserves increased $1.43 billion to $199.18 billion during the week ended March 30, according to the weekly supplement released by the RBI today.

Foreign currency assets rose $1.53 billion to $191.9 billion. While gold reserves declined $99 million to $6.78 billion, SDRs were unchanged at $2 million.

The Reserve Tranche Position with the IMF was unchanged at $469 million.

Future Group plans 55 Brand Factory stores

Brand Factory, the discount store format of the Future Group that runs retail business chains like Central and Big Bazaar, is planning to open 55 outlets in 40 cities by 2010.

The group launched its first Brand Factory store in Pune (the fourth in India) on Friday, and is planning to open store each in Hyderabad and Ahmedabad next week.

Vishnu Prasad, president and chief executive officer, Central Bazaar and Brand Factory business for Future Group, said the company is planning to invest about Rs 500 crore by 2010 for the 55 stores. The stores will offer 15-25% discount round-the- year on a wide range of national and international brands. "These will be in the apparel, footwear and jewellery segments," he said.

Biyani launches Future Money

he Kishore Biyani-promoted Future Group today launched Future Money, a consumer finance company, that will initially provide credit of up to 70-80% for purchases made by customers at the group’s retail stores.

Future Money will subsequently look to extend its services outside the retail outlets of Future Group and even enter the home loan and car loan segment.

Future Money falls under the Future Capital Holdings (which has three private equity funds under it) and will be headed by former Citifinancial banker Rakesh Makkar.

While Makkar refused to comment on the initial capitalisation of Future Money, he said funds were currently being raised from Future Capital Holdings (FCH). "We are still working out all the details. For instance, we are in talks with some banks to come on board for the back-end. Let us see whether we do everything on our own or whether a bank joins us in this initiative," he said.

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