Samara Alternative Investment Fund-owned Witzig Advisory Services will fully acquire Aditya Birla Retail Ltd (ABRL), which runs 'more' chain of stores, for an undsclosed sum, according to a regulatory filing.
In a BSE filing, RKN Retail Pvt Ltd, a part of the Aditya Birla group, said it along with Kanishtha Finance and Investment Pvt Ltd and ABRL, has entered into a share purchase agreement (SPA) with Witzig, to sell their combined stake of around 99.99 in ABRL.
RKN Retail said its board of directors at a meeting held Wednesday approved the sale of its entire 62.19 per cent stake in ABRL to Witzig.
Subsequently, the company jointly with Kanishtha Finance and Investment Pvt Ltd and ABRL, entered into a SPA with Witzig, to sell their combined stake aggregating to 99.99 per cent in ABRL, it added.
ABRL, part of USD 44.3 billion Aditya Birla Group, operates two different store formats - Supermarket and Hypermarket under the brand 'more'.
When contacted, Aditya Birla group declined to comment over the value of the deal.
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It operates 523 supermarkets across the country and some inhouse labels as VOW, Kitchen's Promise and Feasters.
ABRL had ventured into food and grocery retail sectors in 2007 with the acquisition of Trinethra Super Retail and subsequently expanded its presence across the country.
It is the fourth largest supermarket chain in the country after Future Group, Reliance Retail and D-Mart.