Spencer's Retail to fully buy out Nature's Basket in Rs 300-cr deal

The move marks the RP-Sanjiv Goenka Group firm's second attempt to establish a toehold in the country's western region

RP-Sanjiv Goenka Group firm Spencer’s Retail has concluded an agreement with Nature’s Basket to acquire 100 per cent stake in the Godrej Group company for Rs 300 crore, which will mark a second innings for Spencer’s in western India. 

Spencer’s had a store in Malad (Mumbai), which had closed in 2013 due to issues regarding back-end support. The agreement is subject to a nod from shareholders of both companies, as well as regulatory approvals.

Shashwat Goenka, sector head (retail and FMCG), RP-Sanjiv Goenka Group, hopes the approvals are granted in another three months.

“This acquisition indeed makes us a pan-India