Spencer's to acquire Nature's Basket; posts Rs 2.4cr net FY19

Spencer's Retail Ltd on Friday said it will acquire 100 per cent stake in grocery chain Nature's Basket -- a wholly-owned subsidiary of Godrej Industries Ltd -- for a cash consideration of Rs 300 crore.

The RP-Sanjiv Goenka Group company, which runs 156 grocery stores in 39 cities, Friday reported a consolidated net profit of Rs 2.39 crore for the fiscal 2018-19 against a loss of Rs 14.12 crore a year ago.

Shashwat Goenka, the group's sector head Retail and FMCG, said, "Nature's Basket will make Spencer's a truly national player, giving it access to the west of India through its 36 stores in Mumbai, Pune and Bengaluru."