Aditya Birla Retail to buy Jubilant Industries retail business
The decision was taken during a meeting of the Board of Directors of Aditya Birla Retail Limited on Monday.
“The acquisition of Total Undertaking is a good strategic fit for ABRL in terms of its store locations and catchment areas,” said Pranab Barua, Business Director, Apparel & Retail Business, The Aditya Birla Group in a statement on Tuesday.
"In line with the approved transaction, ABRL 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," read a statement issued by the ABRL.
The ABRL said the transaction is subject to the approval of shareholders of JACL and Jubilant Industries Ltd (JIL), the parent company of JACL.
"Moreover, this transaction is also subject to necessary regulatory approvals including, but not limited to approval from the Competition Commission of India," read the statement.
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