Blackstone invests Rs 1,750 cr in Kishore Biyani's Future Lifestyle Fashion

Future Lifestyle Fashion, part of the Future Group, on Friday said that private equity firm Blackstone had invested Rs 1,750 crore in its holding company, Ryka Commercial Ventures, picking up a 6 per cent stake in the firm. “Funds managed by Blackstone have invested Rs 1,750 crore in Ryka Commercial Ventures through debentures,” the Future group firm said in a filing to the stock exchanges. With this transaction, Blackstone will be the only financial partner in Ryka, the company said, adding the funds would be used to retire debt. Biyani and his family hold 53.43 per cent in Future Lifestyle via entities such as Ryka Commercial Ventures, Central Departmental Stores and Future Enterprises among others.