Aditya birla retail has acquired retail business of Jubilant Industries. The board of directors of Aditya Birla Retail Limited has approved the acquisition on 12th May 2015. With this approval the total superstore business, the Retail Division of Jubilant Agri & Consumer Products Limited will get acquired by Aditya Birla Retail Limited.
image source: adityabirla.com
As per the company, Aditya Birla Retail Limited 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.
This acquisition is subject to the approval of shareholders of Jubilant Agri & Consumer Products Limited (JACL) and Jubilant Industries Ltd (JIL), JIL is the parent company of JACL.
This acquisition is also subject to necessary regulatory approvals including, but not limited to approval from the Competition Commission of India.
Aditya Birla Retail Limited is the retail arm of Aditya Birla Group, a USD 40 billion corporation. In 2007, the company ventured into food and grocery sectors. It operates 482 Super Market and 16 Hyper Market spread over 20.1 lakh sq ft across India under the brand “more”. More has the second largest network of supermarkets in the country. In financial year 2014, the company has posted sales of Rs.2,511 crore.
Jubilant Agri and Consumer Products Limited (JACPL) is a wholly owned subsidiary company of Jubilant Industries Limited (JIL) incorporated on August 21, 2008 and has its registered office at Bhartiagram, Gajraula-244223, Distt: Amroha, Uttar Pradesh. Jubilant’s retail business runs under the brand ‘Total Superstore’ and has 4 hyper market stores in Bangalore.
Last week Bharati retail has merged with future retail by forming one of the biggest retail chain business in India worth Rs 15000 crores turnover.