Nandan Nilekani, Rohini Nilekani buy 2% stake in Fabindia
today Dec 6, 2016
Fabindia Overseas Pvt Ltd will now have two more Indian shareholders as Infosys cofounder Nandan Nilekani and wife Rohini have bought a 2% stake in the company through Entrust, their family office, for about Rs 100 crore, according to an Economic Times report.
“We are delighted to have Rohini and Nandan Nilekani as shareholders — they have believed in and supported our vision and mission of working with artisans and farmers on creating markets for the diversity and great beauty of India’s traditional industries,” a Fabindia spokesperson said, without specifying the investment amount.
Earlier this year, PremjiInvest, the personal investment entity of Wipro Chairman Azim Premji and an existing investor in Fabindia, bought an 8% stake in the company from L Capital, the private equity arm of Louis Vuitton Moet Hennessy for about Rs 360 crore.
Premji now owns 25% in the company and the rest is owned by the Bissell family, which founded the company, the employees and other minority shareholders.
At present, Fabindia has 229 stores in India and 10 abroad. The company also runs an online portal for selling its products.
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