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Low-profile Indian origin brothers buy British supermarket chain Asda

'We've been on the pumps, we've been stocking the shelves', say Mohsin and Zuber Issa.

Topics
Retail chains | Walmart | Indian entrepreneurs

Ashis Ray  |  London 

Elusive, low profile, India-origin brothers Mohsin and Zuber Issa pulled off an acquisition bigger than the Tatas when they successfully bid for the British supermarket chain Asda.

Walmart Inc., the American retail giant that owns ASDA, confirmed on Friday, EG Group, controlled by the Issas, and TDR Capital, a private equity firm, have together agreed to buy Asda for £6.8 billion. Under the deal, the Issa brothers and TDR Capital will secure a majority stake in the company, with Walmart, which wholly possessed Asda after purchasing the firm for £7 billion in 1999 (when the ...

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First Published: Fri, October 02 2020. 20:04 IST
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