 "Samara-Amazon bags Aditya Birla Group retail chain 'More' for Rs 42 bn")
Almost 11 years after setting up the food and grocery retail business, Aditya Birla Group on Wednesday signed a deal to sell Aditya Birla Retail (ABRL) to home-grown private equity fund Samara Capital and global e-commerce giant Amazon.
The Group did not disclose the value of the deal, but sources said it was around Rs 42 billion. The buyers, they said, would take Rs 40 billion debt in ABRL, which runs stores under the ‘More’ brand.
The Birlas are likely to end up with losses amounting to Rs 70 billion in the venture, given that they had invested Rs 110
