Private equity fund Samara Capital has agreed to purchase food and grocery retail chain More stores in India.
The $625.86m deal with Aditya Birla Retail (ABRL) is expected to be closed by September this year.
In May, both companies were engaged in talks and Samara Capital commenced its due diligence for the transaction, reported The Economic Times.
ABRL currently operates 523 More supermarkets and 20 More Megastore hypermarkets across the country. It is one of the largest supermarket chains in the country after Future Group, Reliance Retail and DMart.
The company reported a 20% increase in revenue to $610.46m and a net loss of $93.79m during the financial year 2017.
In addition, ABRL has invested around $437m in its branded fashion entity Pantaloon Fashion and Retail over the past three years, according to the publication.
The company moved into the food and grocery retail segment in 2007 by acquiring Trinethra Super Retail and expanded its presence through supermarkets and hypermarkets under the More and Clubmore banners.
The company offers a range of products across various categories, including fresh fruit and vegetables, groceries, personal care, home care, general merchandise and apparels.