Aditya Birla Retail acquired Jubilant Industries’ hypermarket business in a slump sale, all-cash deal for an undisclosed amount. To give an estimate of target size, the Jubilant’s hypermarket Total Superstore business has an aggregate retail footprint of 2.87 lakh sq ft. On the other hand, Aditya Birla Retail is a leading food and grocery retailer in the country with a presence in both supermarket and hypermarket formats under its brand ‘More’.
In a statement, Jubilant Industries said that, “Aditya Birla will acquire four hypermarket stores in Bengaluru along with certain specified assets and liabilities, including dedicated employees, contracts, licences, permits, consents and approvals related to Jubilant Agri and Consumer Products, a wholly-owned subsidiary of Jubilant Industries”.
This transaction is second in the series of previous week’s announcement where Aditya Birla group consolidated all of its branded apparel businesses under one company ‘Aditya Birla Fashion and Retail’ to create India’s largest pure play fashion and Lifestyle company.
This is a notable trend towards consolidation in the Indian domestic retail space.