Future Ventures India Limited (FVIL) has subscribed to and has been allotted 20,00,000 unsecured 0 per cent optionally convertible debentures of Indus-League Clothing Limited (ILCL). ILCL is a subsidiary of FVIL, in which FVIL holds 95.29 per cent of the paid-up equity share capital of ILCL. ILCL is engaged in the business of branded apparels and accessories using its brands Indigo Nation, Scullers, Jealous, Urbana, Urban Yoga, Daniel Hechter, Lee Cooper and John Miller.
ILCL has recently entered into licensing arrangement for use of the brand "Manchester United." ILCL has a joint venture into Celio Future Fashion Limited and also holds 26 per cent into Turtle Limited, which are focused on men's apparels using respective brands "Celio" and "Turtle.” The total income of ILCL for the financial year ended March 31, 2012 is `369.53 crore with profit after tax of `3.75 crore during the previous year.
In the regular course of its business operations, ILCL enters into business transactions with the Promoters and/or Promoter Group Companies of FVIL. Indus-League is an established designer, manufacturer and retailer of readymade garments. It has market presence in India, Sri Lanka, Middle East Asia, United Arab Emirates and Bahrain. Indus-League operates through 80 exclusive brand outlets and 345 multi-brand outlets, including 96 Future Group stores.