Spencer’s Retail to acquire Godrej Industries’ grocery chain Nature’s Basket for Rs 300 cr
New Delhi: Sanjiv Goenka Group’s Spencer’s Retail on Friday mentioned it is going to purchase Godrej Industries’ grocery chain Nature’s Basket for Rs 300 crore.
Natures Basket’s acquisition will make Spencer’s Retail a nationwide participant, giving it entry to the western components of India via its 36 shops in prime places in Mumbai, Pune and Bangalore.
“…The Board of Administrators of the corporate….has permitted a proposal for acquisition of whole 100 % stake held by Godrej Industries Ltd in its wholly owned subsidiary Nature’s Basket Ltd, topic to requisite approval of the shareholders of the corporate and execution of a share buy settlement for enterprise the transaction contemplated above.
“This acquisition will bring in many synergies in Spencer’s business and fits in well with Spencer’s omnichannel strategy,” Spencer’s Retail mentioned in a regulatory submitting.
Spencer’s Retail will purchase Nature’s Basket’s whole share capital comprising 44,58,30,000 totally paid-up fairness shares of Rs 10 every.
Spencer’s Retail mentioned the consideration for the proposed transaction is Rs 300 crore (+/- any agreed changes) by way of the SPA to be executed with Natures Basket and Godrej Industries, and topic to the requisite approval of the shareholders and consumation of the transaction.
Natures Basket Restricted (NBL), a 100 % subsidiary of Godrej Industries and reported turnover of Rs 338.28 crore for the yr 2018-19. The corporate sells numerous meals merchandise and drinks via its retail shops and on-line platform.
Kolkata-based Spencer’s Retail, a part of RP Sanjiv Goenka Group, is a multi-format retailer that gives merchandise throughout classes equivalent to meals, private care, style, residence necessities, electrical and electronics.
“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,” mentioned Tanya Dubash, Govt Director and Chief Model Officer, Godrej Group.
Dubash mentioned Spencer’s Retail may be very eager to additional strengthen the model and strongly speed up the expansion of the enterprise.
Each Spencer’s and Nature’s Basket are positioned as experiential grocery retailers, and that’s the first of many synergies that this acquisition brings. Nature’s Basket has a robust portfolio of personal label manufacturers which has enormous traction with its customers. We consider there’s enormous potential to broaden this to Spencer’s shops,” mentioned Shashwat Goenka, Sector Head – Retail & FMCG, RP Sanjiv Goenka Group.
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