your password has been reset successfully, Please login again.

Samara Capital, Amazon buy Birla Group's 'More' retail chain for Rs 4200 crore

Samara Capital is acquiring 51% stake while the remaining 49% would be acquired by Amazon.
BY BEx Bureau
BusinessEx
Sep 20, 2018

Indian private equity firm Samara Capital and Amazon have bought Aditya Birla Group-owned 'More', a food and grocery retail chain, for an enterprise value of Rs 4,200 crore.

Samara Capital is acquiring 51% stake while the remaining 49% would be acquired by Amazon. The deal is subjective to the clearance from the Competition Commission of India (CCI).

Under the 'More' brand, Aditya Birla Retail Ltd (ABRL) has a chain of 509 supermarkets and 20 hypermarkets across the country. It is the fourth largest supermarket chain in India.

The acquisition will wipe out the entire debt in ABRL's book. As of March 2018, the debt stood at Rs 4,000 crore.

More complements the plans of Amazon to venture into food retail in India.

After completion of the takeover, both the companies are planning to rapidly expand the retail chain. The Samara-Amazon looks to set up 100-150 stores every year, mostly neighbourhood supermarkets and a few hypermarkets. Currently, they are planning to add 90 stores this fiscal.

More is Amazon's second direct investment in India's brick-and-mortar retail space. Earlier, it acquired 5% stake in department store chain Shoppers Stop for about Rs 180 crore.

Please add your Comment
SIMILAR News
November 16, 2018
This acquisition will help FarEye to reinforced its growth plans to solve challenges for long-haul a ...More
By Vaishnavi Gupta
November 14, 2018
True North has acquired a 75% stake in Shree Digvijay Cement Company Ltd from Brazil-based Votoranti ...More
By Vaishnavi Gupta
November 13, 2018
The investment is made by the firm to boost its capabilities to deliver tech solutions that will hel ...More
By Vaishnavi Gupta
November 12, 2018
With this acquisition, Mphasis will increase its end-to-end capabilities in the public cloud domain, ...More
By Vaishnavi Gupta
November 12, 2018
This acquisition will help Mumbai-listed AGC to add over $600 million in annual revenue and about 3, ...More
By Vaishnavi Gupta
November 09, 2018
The acquisition is in line with the company's strategy to boost the value for its stakeholders throu ...More
By Vaishnavi Gupta
November 03, 2018
Viithiisys, with this acquisition, will expand its product portfolio and list of clients. ...More
By Vaishnavi Gupta
November 02, 2018
Post acquisition, W12 Studios will be a part of TCS Interactive, the digital division of the IT serv ...More
By Vaishnavi Gupta
November 01, 2018
The fresh funds will be used by Turms to expand its product categories, hire tech talent and launch ...More
By Vaishnavi Gupta
October 31, 2018
The funds raised will be used by Duroflex to expand to new markets across India. ...More
By Vaishnavi Gupta
October 30, 2018
With this deal, ZipGo will become the country's largest technology-driven, business-to-customer bus ...More
By Vaishnavi Gupta
October 29, 2018
For acquiring Red Hat, IBM will pay $190 per share in cash. ...More
By Vaishnavi Gupta