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Spencer's Retail to acquire Nature's Basket for Rs 300 cr

Press Trust of India  |  New Delhi 

Goenka Group's Retail Friday said it will acquire Industries' Nature's Basket for 300 crore.

Natures Basket's acquisition will make Retail a national player, giving it access to the western parts of through its 36 stores in prime locations in Mumbai, and

"...The Board of Directors of the company....has approved a proposal for acquisition of entire 100 per cent stake held by Industries Ltd in its wholly owned subsidiary Nature's Basket Ltd, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above.

"This acquisition will bring in many synergies in business and fits in well with Spencer's omnichannel strategy," said in a regulatory filing.

Spencer's Retail will acquire Nature's Basket's entire share capital comprising 44,58,30,000 fully paid-up equity shares of 10 each.

Spencer's Retail said the consideration for the proposed transaction is 300 crore (+/- any agreed adjustments) in terms of the SPA to be executed with Natures Basket and Industries, and subject to the requisite approval of the shareholders and consumation of the transaction.

(NBL), a 100 per of Godrej Industries and reported turnover of Rs 338.28 crore for the year 2018-19. The company sells various products and beverages through its and

Kolkata-based Spencer's Retail, part of RP Goenka Group, is a that provides products across categories such as food, personal care, fashion, home essentials, electrical and

"Looking forward, we realised that to further unlock the immense potential of this brand and to grow it to even greater heights, we need to pass on the torch to owners who have prioritised retail in their portfolio strategy and have the relevant ecosystems to take the business to the next level," said Tanya Dubash, Executive Director and Chief Brand Officer,

Dubash said Spencer's Retail is very keen to further strengthen the brand and strongly accelerate the growth of the business.

"Both Spencer's and Nature's Basket are positioned as experiential grocery retailers, and that is the first of many synergies that this acquisition brings. Nature's Basket has a strong portfolio of private label brands which has huge traction with its consumers. We believe there is huge potential to expand this to Spencer's stores," said Shashwat Goenka, - Retail & FMCG, RP Goenka Group.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 17 2019. 17:31 IST