Samara-owned Witzig Advisory to acquire Aditya Birla Retail

By: |
New Delhi | Published: September 19, 2018 11:11:21 PM

Samara Alternative Investment Fund-owned Witzig Advisory Services will fully acquire Aditya Birla Retail Ltd (ABRL), which runs 'more' chain of stores, for an undsclosed sum, according to a regulatory filing.

ABRL, part of USD 44.3 billion Aditya Birla Group, operates two different store formats – Supermarket and Hypermarket under the brand ‘more’.

Samara Alternative Investment Fund-owned Witzig Advisory Services will fully acquire Aditya Birla Retail Ltd (ABRL), which runs ‘more’ chain of stores, for an undsclosed sum, according to a regulatory filing.

In a BSE filing, RKN Retail Pvt Ltd, a part of the Aditya Birla group, said it along with Kanishtha Finance and Investment Pvt Ltd and ABRL, has entered into a share purchase agreement (SPA) with Witzig, to sell their combined stake of around 99.99 in ABRL.

RKN Retail said its board of directors at a meeting held Wednesday approved the sale of its entire 62.19 per cent stake in ABRL to Witzig.

Subsequently, the company jointly with Kanishtha Finance and Investment Pvt Ltd and ABRL, entered into a SPA with Witzig, to sell their combined stake aggregating to 99.99 per cent in ABRL, it added.

Meanwhile, RKN Retail said that the deal would be subject to regulatory approvals from various authorities.

“The aforesaid sale of shares of ABRL would be subject to the terms of the SPA and regulatory approvals,” said RKN Retail.

ABRL, part of USD 44.3 billion Aditya Birla Group, operates two different store formats – Supermarket and Hypermarket under the brand ‘more’.

When contacted, Aditya Birla group declined to comment over the value of the deal.

It operates 523 supermarkets across the country and some inhouse labels as — VOW, Kitchen’s Promise and Feasters.

The other brands include Prarthana, More Choice, More Daily, More Life, Bluearth, Karinee, Kruff, Incheels, TRU, Chatter Kids and Yo.

ABRL had ventured into food and grocery retail sectors in 2007 with the acquisition of Trinethra Super Retail and subsequently expanded its presence across the country.

It is the fourth largest supermarket chain in the country after Future Group, Reliance Retail and D-Mart.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1NBCC, Construction Skill Development Council to train 20,000 youth in 6 months
2OYO rooms in London soon: Firm strengthens international presence with UK foray; first market beyond Asia
3Major acquisition! Amazon acquires Aditya Birla’s ‘More’ for this much money