India-based Aditya Birla Retail has acquired Jubilant Industries’ hypermarket business for an undisclosed amount.
The slump sale deal includes the acquisition of Total Superstore Business (Total Undertaking), the retail division of Jubilant Agri & Consumer Products Limited (JACL), The Press Trust of India reported.
As part of the deal, Aditya Birla Retail will acquire the leasehold rights for four hypermarkets of Total Undertaking in Bangalore, along with movable and immovable assets, a warehouse, an office premise, working capital, trademarks and intellectual property.
The acquisition also covers other rights associated with Total.
Aditya Birla Group Apparel & Retail Business director Pranab Barua said: "The acquisition of Total Undertaking is a good strategic fit for ABRL in terms of its store locations and catchment areas."
The acquisition is subject to approval of shareholders of JACL and Jubilant Industries, as well as regulatory approvals including, but not limited to approval from the Competition Commission of India.
This comes after Aditya Birla merged its apparel businesses into a entity named Aditya Birla Fashion and Retail, earlier this year.
Aditya Birla Retail operates a chain of food and grocery retail units, supermarkets, and hypermarkets in India.
It offers products, such as bakery products, beauty concepts, beverages, apparel (men/women), cutlery and cookware products, fruits and vegetables, frozen and dairy products, fast moving consumer goods, and grocery products, besides others.