In an interview to CNBC-TV18, Kishore Biyani of Future Group talks about RBI's draft guidelines allowing supermarkets, telcos to set up payment banks and the company's plans to reduce debt.
Do not need a telecom partner for payment bank. Already have technology platform in place to implement the mechanism.
Kishore Biyani
CEO
Future Group
Under the draft guidelines, RBI proposes to allow a wide number of firms like supermarkets and telecom companies to set up payment banks while NBFCs and microfinance institutions can set up small banks.
In an interview to CNBC-TV18, Kishore Biyani, CEO, Future Group, said the pre-paid card mechanism can work well on a pan-India basis, especially for the supermarkets.
Biyani said they do not need a telecom partner for the payment bank as they already have technology platform in place to implement the mechanism.
Though he feels that it's too early to talk about capex involved in payment banks business, Biyani said for Future Group, the capex requirement won't be much as they have the infrastructure and technology.
Future Retail 's current debt stands at around Rs 6000 crore. The company plans to raise additional Rs 2500 crore by divesting Future Group's stake in non-core business. The company aims to bring down its debt in range of Rs 1000 -1500 crore.
Speaking on the debt, Biyani said: "We have done a preferential allotment of Rs 400 crore. There's a rights issue of Rs 1600 crore being planned for which we are filing paper. That takes the debt down by Rs 2000 crore."
He said there is further divestment plan of around Rs 2000-2500 crore over the next 12-18 months. "Once we are done with that we should be comfortable at the debt level that we have mentioned," he added.
Below is the transcript of Kishore Biyani interview with Latha Venkatesh and Sonia Shenoy on CNBC-TV18.
Sonia: I wanted your views on the fact that RBI is allowing supermarkets to launch payment banks, how feasible do you think this idea could be and would the Future Group be interested?
A: We have been going through draft guidelines and it seems that whatever we wanted to do earlier in terms of the prepaid card activity which is an open loop -- we are not able to do quite a few activities and we have a lot of urban poor customers and customers in more than 100 cities and towns where we operate especially northeast where the RBI is putting a lot of focus, we operate in most of the north-eastern states, so we believe the money transfer and the deposit, the prepaid card mechanism can work very well for us as a super market chain. We have the infrastructure in terms of the physical store, we have the infrastructure in terms of the systems and the technology to make it happen very fast.
Future Retail stock price
On July 21, 2014, at 11:13 hrs Future Retail was quoting at Rs 135.35, up Rs 3.80, or 2.89 percent. The 52-week high of the share was Rs 147.85 and the 52-week low was Rs 63.30.
The company's trailing 12-month (TTM) EPS was at Rs 0.17 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 796.18. The latest book value of the company is Rs 140.28 per share. At current value, the price-to-book value of the company is 0.96.
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