“Fee approves acquisition of a 7.8% minority stake in Aditya Birla Vogue and Retail Ltd by Flipkart Investments Non-public Ltd,” India’s antitrust regulator stated in a tweet.
Fee approves acquisition of a 7.8% minority stake in Aditya Birla Vogue and Retail Ltd by Flipkart Investm… https://t.co/YejtmNaZdf
— CCI (@CCI_India) 1611144194000
The
Flipkart-ABFRL deal, introduced in October 2020, will give much-needed capital to Aditya Birla Fashion Retail Ltd., at a time when the pandemic saved its shops closed and workplaces shut for many of final 12 months. The corporate operates Pantaloons and is the proprietor of office-wear manufacturers resembling Allen Solly and Peter England.
ABFRL, which has a community of three,004 shops, plans to make use of the funds to strengthen its steadiness sheet, scale up present companies and improve its presence in rising high-growth classes resembling innerwear, athleisure, informal and ethnic put on.
“By way of this transaction with ABFRL, we are going to work in the direction of making obtainable a variety of merchandise for fashion-conscious customers throughout completely different retail codecs throughout the nation,” Flipkart Group CEO Kalyan Krishnamurthy had stated whereas saying the deal.
Flipkart’s transfer to accumulate stakes in offline style retailers is a part of its broader technique of increasing operations and leveraging strategic partnerships to maintain value buildings lean in an more and more aggressive setting. In July final 12 months, Flipkart Group
acquired a significant minority stake in Arvind Fashions’ subsidiary Arvind Youth Manufacturers for Rs 260 crore.
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