Flipkart buys the Aditya Birla Fashion and Retail 7.8% stake to Rs 1,500 crore
India is the most popular E-commerce site on Flipkart announced the Adity Birla Fashion & Retail business stake buy 7.8% percent this value Rs.1,500 crore. The per-share buys on Rs.205 these prices.
The Aditya Group said, capital raise to further booster ABFRL balance sheet and accelerate growth trajectory, more investment comes the business,
Chairman Aditya Birla Group Mr. Kumar Mangalam Said, “This partnership is an emphatic endorsement of the growth of India. In the future a company $100bn next five years and brand value reach. The rapid growth of technology infrastructure will further accelerate this process. This partnership is a critical component of that strategy”.
The company furthermore news, ABFRL upgrade business goes on digital platform enter strategy that will deepen the consumer connect of its brands expand the reach of its diverse brand portfolio build strong omni-channel functionalities and augment its backend capabilities; positioning it amongst the most comprehensive Omni-channel fashion players in the country.
Aditya Birla Fashion and Retail Limited, the company total stores 3,004 and presence across approximately 23,700 multi-brand outlets with 6,700 more points of sales in department stores across India.
Commenting on this deal on Mr. Ashish Diskshit, MD of ABFRL said, “The company partnership big strength the ANFRL an acceleration of business. This deal also provides a tremendous opportunity to build the scale of existing brands and expand its brand portfolio into emerging consumer segments’.
CEO of Flipkart Group, Mr. Kalyan Krishnamurthy said, ‘At the Flipkart Group, we are focused on building new partnerships that will help us meet the demands of the discerning Indian consumer who seek quality and value. Through this transaction with ABFRL, we will work towards making available a wide range of products for fashion-conscious consumers across different retail formats across the country”.
The Aditya Birla Fashion and Retail Limited current share price Rs.165.
Thank you for reading have more update Follow Social Media and Stay tune to Businesline.info