Indias Spencer Retail Ltd. is buying grocery chain of Godrej Industries named Nature for $42.76 million, the company informed the Indian daily news, VC Circle.
Spencer, originally a subsidiary of RP Sanjiv Goenka Group (RPG), operates its own grocery stores across the nation.
The business deal will give grocery store chain, Spencer access to major cities like Pune, Mumbai and Bengaluru via 36 stores of Nature, Shashwant Goenka who leads RPGs retail business, told the Indian daily news, VC Circle.
Natures Basket gives competition to other grocery store chains namely, Future Retail Ltd, backed by Food Hall and Bigbasket, backed by Alibaba Group.
"Nature's Basket has a strong portfolio of private label brands which has huge traction with its consumers," Goenka told the Indian daily news, VC Circle.
Goenka further added that RPG would also benefit from the chain's online grocery business.
In the last quarter, Spencer Retail has reported earning a net profit of INR 18.3 rupees.