AviSpecial Retail, Sanjiv Goenka Group retail flagship has now acquired the Godrej Group premium food retailing venture Nature Basket for INR 300 crore in an all-cash deal.
In the stock exchange information yesterday, Spencer Retail revealed that this deal will enable it to access the western India market where it has no presence, which makes it a national player and strengthening its capabilities.
The company has also exited Mumbai in the year 2013 to move out of loss-making stores at this point of time. At present, it also operates in 156 stores in more than 10 states. On Friday, Spencer Retail also revealed it clocked its full-year net profit of around INR 7.94 crore from the revenue of INR 2187.19 crore in the fiscal year 2019.
In a press release, Godrej Group executive director Tanya Dubash said that to further unlock the “immense potential” of the Nature’s Basket brand and to reach greater heights, the group decided 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.”
“Nature’s Basket is positioned as an aspirational brand like ours and hence fits our business. We will continue with Nature’s Basket brand and may even extend it to other markets, where it is not present since it is positioned in the premium segment,” the sector head added.
Source: Basket