Kolkata, May 17 (IANS) The RP-Sanjiv Goenka Group controlled Spencer's Retail on Friday said its board of directors has approved acquisition of 100 per cent stake in Nature's Basket Ltd, a wholly-owned subsidiary of Godrej Industries, for a consideration of about Rs 300 crore.
"The board at its meeting held earlier today (Friday) has, inter alia, approved a proposal for acquisition of entire 100 per cent stake held by Godrej 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," the retailer said in a regulatory filing.
"The consideration for the proposed transaction is Rs. 300 crore...," the filing said.
The group's Sector Head (Retail and FMCG) Shashwat Goenka said the acquisition would make the Kolkata-headquartered multi-format retailer a national player.
"Nature's Basket will make Spencer's a truly national player, giving it access to the west India through its 36 stores in Mumbai, Pune and Bangalore. These stores are located in prime residential locations, have a high sales throughput per square feet," he said.
Operating since 2005, Nature's Basket is a neighbourhood convenience store format grocery retailer which sells products ranging from fresh fruits and vegetables, fish and meat, artisanal breads, FMCG and staples. Its turnover stood at Rs 338.28 crore for the financial year 2018-19.
Godrej Group's Executive Director and Chief Brand Officer Tanya Dubash said that the group realised that to further unlock the potential of the brand and to grow it to even greater heights, it needs to pass on the torch to owners who have prioritised retail in their portfolio strategy.