Jumbo group, the two billion dollar electronic retailer, has denied any reports of UAE-based Al-Futtaim taking a stake in the company and said it is interested in acquiring businesses.
Jumbo Group Chairman Vidya Chhabria said, “given Jumbo’s current financial position, we will be interested in acquiring some businesses with synergies.”
She ruled out inducting new partners, saying, “We have no intention of bringing on new partners into the business nor any intention of diluting the stake in the business.” Earlier, Indian media reports had said that the UAE-based retail major Al-Futtaim Group was in talks with Jumbo Group, the one-time owner of Indian spirit and beer major Shaw Wallace, for a stake in Jumbo’s flagship company, Jumbo Electronics, the sole distributor of Sony products in the UAE.
Al Futtaim Group has also denied reports of such acquisitions. A senior official of the group said, “We are amazed at this report that appeared in the Indian newspapers and have no idea from where they sourced this information.”
Al Futtaim Group represents brands, including Toyota, Lexus, Volvo, Chrysler, Jeep and Dodge, Toshiba and Sanyo. Meanwhile, Jumbo Group has said it plans to list on the Dubai Stock Exchange as well as wants to expand the business organically and through acquisitions.
“We want the people of Dubai to share in our success, and at the appropriate time we would definitely like to list Jumbo in Dubai. The listing when it happens will be skewed towards the small, retail investor to give them a chance to share in the growth of Jumbo,” Chhabria said in a statement, published in Gulf news.
Jumbo Electronics was established in 1974 in Dubai by NRI businessman Manohar Rajaram Chhabria, who made a fortune by selling Sony televisions.