Chennai, May 12 (IANS) In an all-cash deal, Aditya Birla Retail Ltd. will acquire the retail division of Jubilant Agri & Consumer Products Ltd. for an undisclosed sum, Aditya Birla Retail said.
In a statement issued on Tuesday Aditya Birla Retail said the company board on Monday approved the acquisition of Total Superstore Business (Total Undertaking), the retail division of Jubilant Agri & Consumer Products.
“The acquisition of Total Undertaking is a good strategic fit for ABRL (Aditya Birla Retail) in terms of its store locations and catchment areas,” Pranab Barua, business director, apparel and retail business of the Aditya Birla Group, was quoted as saying in the statement.
Aditya Birla Retail will acquire in an all-cash deal, the leasehold rights for four hypermarkets of Total Undertaking in Bangalore, along with movable and immovable assets, a warehouse, an office premise, working capital, trademarks, intellectual property and other rights associated with Total Undertaking by way of a slump sale for a lump sum consideration.
Total Superstore business has an aggregate retail footprint of 2.87 lakh sq. ft.
The transaction is subject to the approval of shareholders of Jubilant Agri & Consumer Products and its parent company Jubilant Industries Ltd.
This transaction is also subject to necessary regulatory approvals including, but not limited to approval from the Competition Commission of India, Aditya Birla Retail said.