“The acquisition of Total Undertaking is a good strategic fit for ABRL in terms of its store locations and catchment areas”, avers Mr. Pranab Barua, Business Director, Apparel & Retail Business, The Aditya Birla Group.
The Board of Directors of Aditya Birla Retail Limited, in their meeting approved the acquisition of Total Superstore Business, the Retail Division of Jubilant Agri & Consumer Products Limited (“JACL”).
“The acquisition of Total Undertaking is a good strategic fit for ABRL in terms of its store locations and catchment areas”, avers Mr. Pranab Barua, Business Director, Apparel & Retail Business, The Aditya Birla Group.
In line with the approved transaction, ABRL will acquire in an all cash deal, the leasehold rights for 4 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 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.
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