Arvind Lifestyle sells Unlimited stores to V-Mart, Retail News, ET Retail
ALBL will provide fastened belongings, lease deposits, warehouses, inventory and other present belongings of the 74 retail stores and warehouses at ebook benefit. In return, it will get an approximated Rs one hundred fifty crore upon the closure of the transaction. Real thing to consider might differ relying on the precise invest in rate on the transaction day.
In addition, V-Mart Retail might get contingent payments dependent on specified milestones to be obtained in excess of the next couple of many years next the acquisition of the belongings.
“In line with our tactic of focusing on our six high conviction manufacturers, we determined to exit the business. This would support us set capital behind rising our six focus manufacturers, aiding create considerable shareholder benefit,” said Arvind Fashions CEO Shailesh Chaturvedi.
V-Mart Retail chairman Lalit Agarwal said, “The business experienced been turned close to by Arvind Fashions, and suits well with our tactic of increasing our regional existence as well as incorporating abilities in pick out groups. With this transaction, V-Mart will now run 356 stores across 25 states with a whole place of 30.8 lakh sq ft.”
The transaction is subject matter to essential approvals and customary closing problems.
