ICCK

Reliance Retail has acquired a Coimbatore-based retail company that operates more than two dozen grocery outlets and the buy-out will help the Mumbai conglomerate to expand its presence in the southern state, according to a regulatory filing.

Reliance told the National Stock Exchange that its subsidiary Retail Ventures has acquired 786,191equity shares representing 100% of the equity share capital of Shri. Kannan Departmental Store (SKDS) for Rs 152 crore.

Founded in 1985, SKDS currently operates 29 grocery outlets in Coimbatore, Erode and Pollachi regions and has an annual revenues of Rs 415 crore.

Reliance said the acquisition will “further strengthen” its retail presence in Tamil Nadu and help its omni-channel venture dubbed “new commerce” that seeks to synergize its vast network of brick-and-mortar stores with its upcoming digital platform that also plans to attract largest suppliers to small kiranas to conduct business.

Read More : https://economictimes.indiatimes.com/industry/services/retail/reliance-retail-buys-tamil-nadu-based-grocery-chain/articleshow/74503841.cms