your password has been reset successfully, Please login again.

Spencer Retail About to Buy Grocery Chain Nature’s Basket for the Sum INR 3 Billion

The business deal will give grocery store chain, Spencer access to major cities like Pune, Mumbai and Bengaluru via 36 stores of Nature.
BY BEx Bureau
BusinessEx
May 17, 2019

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.

Please add your Comment
SIMILAR News
July 20, 2019
Reliance Brands, a division of Reliance Industries, has acquired the British toy retailing firm, Ham ...More
By Jaspreet Kaur
July 20, 2019
The acquired plant is presently producing 2.1 million bags of intravenous infusions every month.  ...More
By Jaspreet Kaur
July 19, 2019
The companies said in a statement, “they have also reached an agreement that will make eBay inventor ...More
By Jaspreet Kaur
July 18, 2019
Software company, Ebix Inc. proclaimed to have signed a concord to buy Yatra Online Inc. in a transa ...More
By Jaspreet Kaur
July 18, 2019
Delhi-based Procol will use the funding to scale its procurement platform and begin deploying other ...More
By Jaspreet Kaur
July 17, 2019
As per the concord, Cipla will invest around INR 164 crore in the joint venture for 4 years, said th ...More
By Jaspreet Kaur
July 17, 2019
Valberg has made INR 3 crore investment in the agri-marketing company, which is a part of $90 millio ...More
By Jaspreet Kaur
July 16, 2019
Ecozen essentially creates products which are targeted at farmers in order to help them grow yields, ...More
By Jaspreet Kaur
July 11, 2019
The company manufactures and sells menswear clothing online; It performs the entire manufacturing an ...More
By Jaspreet Kaur
July 10, 2019
The company will use the funds to boost its data capabilities by leveraging artificial intelligence ...More
By Jaspreet Kaur
July 10, 2019
Existing investors, Horizons Ventures and JS Capital also took part in the round, NiYO said in its s ...More
By Jaspreet Kaur
July 09, 2019
The acquisition comes after PayNearby was granted an insurance broking licence by the Insurance Regu ...More
By Jaspreet Kaur