Future Consumer Enterprise fully acquires Aadhaar Wholesale

Prior to the deal, Aadhaar was a joint venture between the Future Group and Godrej Agrovet

Future Consumer Enterprise, part of Kishore Biyani-led Future Group, has fully acquired Aadhaar Wholesale Trading and Distribution by buying 30 per cent equity stake from Godrej Agrovet and Anamudi Real Estates LLP.

Prior to the deal, Aadhaar was a joint venture (JV) between the Future Group and Godrej Agrovet Ltd. The Future Group owned 70 per cent stake in the company.

In a BSE filing, Future Consumer Enterprise Ltd said: "It has issued and allotted an aggregate of 4,59,18,367 equity shares of the company to Godrej Agrovet Ltd and Anamudi Real Estates LLP (jointly sellers) and has accordingly acquired an aggregate of 30 per cent shareholdings of Aadhaar Wholesale Trading and Distribution Ltd held by the sellers."

Aadhaar is now a wholly-owned subsidiary of the company, the filing added.

A Future group official said that "In return for the stake, Future Consumer Enterprise has issued and allotted equity shares of the company to the sellers for a lock-in period of one year."

Aadhaar Wholesale Trading and Distribution Ltd focuses on retail distribution of consumer products for personal and household use in rural and semi-urban India.

Aadhaar is positioned as a rural supermarket and currently has 40 stores in Gujarat and Punjab. Aadhaar also operates Cash & Carry store by the name Aadhaar Wholesale Market.