New Delhi: Mall developer Star ShoppingCentres is merging with Future Group’s primary retail infrastructure development unit, Future Market Networks, according to a BSEfiling of the latter.
Star Shopping Centre is a subsidiary of Future Market Networks and is engaged in development and management of shopping centres and malls.
According to the filing, a board meeting held on January 20, “unanimously approved the swap ratio and in-principle approved the scheme of amalgamation of Star Shopping Centres (SSCPL or transferor company) into Future Market Networks (FMNL or the company or transferee company) in accordance with the provisions of Section 230 to 232 of the Companies Act, 2013 and authorised the committee of directors to do all such acts and deeds as may be required to implement the same.”
Star Shopping Centres Private Limited was founded by Shilpa Malik and Pranay Sinha in 2008 and later, Future Group picked up 60% stake in it.
The merger will help in “rationalising the group structure to ensure optimised legal entity structure more aligned with the business and reorganising the legal entity in the group structure so as to obtain significant cost savings and/or simplification benefits,” the filing said.