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Spencer's Retail to acquire entire stake of Godrej Industries’ Natures Basket

Monday, 20 May 2019

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The Board of Directors of Spencer's Retail, has given its approval for acquisition of 100 percent stake in Natures Basket, subject to approval of the Shareholders of both the companies.

Natures Basket is a wholly owned subsidiary of Godrej Industries (GIL).

The consideration for the proposed transaction is Rs. 300 crore in terms of the Share Purchase Agreement (SPA) to be executed with Natures Basket and Godrej Industries and is subject to the requisite approval of the shareholders and consumation of the transaction.

The acquisition of NBL will give Spencer's Retail access to the western parts of India through its 36 stores in prime locations in Mumbai, Pune and Bangaluru.

The stores are located in prime residential locations, have a high sales throughput per sq ft, and will add Rs 363 crore of top line to the Spencer's portfolio.

Operating since 2005, Nature's Basket is a neighbourhood convenience store format grocery retailer which sells products ranging from fresh fruits and vegetables, fish and meat, artisanal breads, FMCG and staples.