At meeting held on 24 February 2021
The Board of Aditya Birla Fashion & Retail at its meeting held on 24 February 2021 approved a strategic partnership with the brand 'Tarun Tahiliani' for its current couture business, as well as launch of a new line of affordable premium men's ethnic wear.The said partnership is being executed through:
(1) Acquisition of 33.5% stake in Goodview Properties (GPPL) (current business) by way of entering into a Share Purchase and Subscription agreement (SPSA) along with a Shareholders Agreement (SHA). The current couture business under the brand 'Tarun Tahiliani' will be run within this entity, which was erstwhile residing in the entity named Tahiliani Design Private (TDPL). As a part of the proposed transaction, TDPL will transfer its existing business to GPPL.
(2) Acquisition of 80% stake in a new entity (new business) being incorporated as part of the transaction, by way of entering into Share Subscription and Shareholders Agreement (SSSA). Within this entity, ABFRL and Tarun Tahiliani will collaborate to develop and launch a new brand of apparel and accessories, in the affordable premium ethnic wear segment.
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