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retail | IST

Aditya Birla Group sells 'More' to Samara Alternative Investment Fund, Amazon

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Samara Capital-Amazon consortium will buy More at an enterprise value of Rs 4,200 crore, the sources said, adding that Samara Capital will acquire 51 percent, while the remaining will be held by Amazon.

Samara Capital and Amazon have acquired Aditya Birla Group’s (AB Group) food and grocery retail chain 'More', for an undisclosed sum, according to an exchange filing.
Samara Capital-Amazon consortium will buy More at an enterprise value of Rs 4,200 crore, sources have said, adding that Samara Capital will acquire 51 percent, while the remaining will be held by Amazon.
In a BSE filing, RKN Retail Pvt Ltd, a part of the Aditya Birla group, said it along with Kanishtha Finance and Investment Pvt Ltd and ABRL, has entered into a share purchase agreement (SPA) with Witzig, to sell their combined stake of around 99.99 in ABRL.
"The aforesaid sale of shares of ABRL would be subject to the terms of the SPA and regulatory approvals," said RKN Retail.
Pranab Barua, who heads the retail and apparel vertical of the AB Group, is likely to head the operations of the entity, added the sources.
CNBC-TV18 first reported this on March 28, 2018.
ABRL had ventured into food and grocery retail sectors in 2007 with the acquisition of Trinethra Super Retail and subsequently expanded its presence across the country.
ABRL operates 523 supermarkets across the country and some inhouse labels as  VOW, Kitchen's Promise and Feasters.The other brands include Prarthana, More Choice, More Daily, More Life, Bluearth, Karinee, Kruff, Incheels, TRU, Chatter Kids and Yo.
(With inputs from PTI)