Aditya Birla Fashion and Retail (ABFRL) has purchased international clothing retailer Forever 21’s franchise in India for $26m.

Forever 21 has more than 730 stores in 48 countries, including Australia, the US, China, Brazil, Canada and France.

The retailer operates brands such as Forever 21, XXI Forever, Love 21 and Heritage.

"The transaction involved acquisition of the Forever 21 undertaking of Diana Retail with effect from 1 July through a business transfer agreement not share transfer."

In a Bombay Stock Exchange filing, ABFRL said: "The company has on Tuesday executed a business transfer agreement with Diana Retail and DLF Brands for acquisition of the business undertaking of Diana Retail under the Forever 21 brand and also through e-commerce channel on a going concern basis, in the Indian market."

Diana Retail is the Indian franchisee of Forever 21.

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ABFRL also stated: "The transaction involved acquisition of the Forever 21 undertaking of Diana Retail with effect from 1 July through a business transfer agreement not share transfer."

In May, the firm stated that it will sign a binding MoU with Forever 21 to purchase the online and offline rights for India.

ABFRL was established after the merger of the apparel businesses of Aditya Birla Group, comprising Aditya Birla Nuvo, Madura Fashion unit and ABNLs units, including Pantaloons Fashion and Retail Ltd and Madura Garments Lifestyle Retail Company.