Arvind Lifestyle Brands sells assets of UNLIMITED retail business to V-Mart Retail

Arvind Lifestyle Brands (ALBL), a wholly owned subsidiary of Arvind Fashions has signed definitive agreements for the strategic sale of assets of its UNLIMITED retail business to V-Mart Retail (V-Mart).

As part of the transaction, ALBL will sell assets consisting of fixed assets, lease deposits and identified inventory and other current assets of the 74 retail stores and the warehouse to V-Mart at its book value.

In return, ALBL would receive cash consideration upon the closure of the transaction. The estimated likely consideration is Rs.150 crores. Actual consideration may vary based on trued up value as on the transaction date.

 

In addition, there are contingent payments to be received based on certain milestones achieved by VMart over next few years, post-acquisition of the assets.

The Board of Directors of the Company and ALBL have approved the said transaction.

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