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Future Group announces investment deal with Fung Capital, signs MOU with IGNOU

Future Group announced an agreement for private equity


July 22, 2009  |  comments ( 0 )  | 
Future Group announced an agreement for private equity investment with Fung Capital in its logistics and supply chain vertical. Fung Capital is the private equity investment arm of the families of Dr Victor Fung and Dr William Fung, the controlling shareholders of the Li & Fung Group. as a result of the agreement Future Group proposes to change the name of its subsidiary, Future Logistic Solutions Limited to Future Supply Chain Solutions. Fung Capital, will invest around US $30 million in the logistics and supply Chain which will be used for the enhancement of the logistics infrastructure, strengthening of the technology platforms and expansion of the supply chain network of the company. Future Learning and Development Limited FLDL, the education arm of Future Group, has signed a Memorandum of Understanding (MOU) with Indira Gandhi National Open University (IGNOU), to offer skill oriented and career development programs at its centres in Ahmedabad, Kolkata and Bangalore. The main purpose of this MOU is to allow FLDL to leverage business experience, thereby providing trained manpower to the retail sector in particular and to business in general. This tie-up will also help FLDL provide job-oriented education to all, at affordable prices and guaranteed job placements. Under this agreement, not only will the various short term certificates, on offer by FLDL, get recognised as Non- Credit programs, but will also allow FLDL to develop and deliver Diplomas, Under Graduate Degrees, Post Graduate Degrees and Non- Certificate programs. The uniqueness of these programs is that apart from graduates even 8th standard students who have completed 18 years of age can apply for them, thereby not restricting education to a select few.
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