Witzig Advisory files to acquire Aditya Birla Retail

By

Isabelle Crossley

Published
Sep 21, 2018

Witzig Advisory Services, owned by the Samara Alternative Investment Fund, will fully acquire Aditya Birla Retail Limited with a shape purchase agreement (SPA).

Aditya Birla Retail Limited, which operates the 'More' chain of stores, will be acquired for an undisclosed amount by Witzig.

The Press Trust of India had access to a Bombay Stock Exchange (BSE) filing by RKN Retail Private Limited, a part of the Aditya Birla Group. The filing stated that the business has entered into a SPA with Witzig along with Kanishtha Finance and Investment Pvt Ltd and Aditya Birla Retail. Together the three entities will sell their combined stake of approximately 99.99 percent to Witzig.

RKN Retail held a meeting on September 19 with its board of directors and they decided to approve the sale of the business’ 62.19 percent stake in Aditya Birla to Witzig.

Following this, RKN Retail joined with Kanishtha Finance and Investment Pvt Ltd and Aditya Birla Retail to enter into the SPA that will see the businesses sell their collective 99.99 percent stake.

Aditya Birla Retail Limited operates both supermarkets and hypermarkets under the More brand, which sell a variety of products including makeup and personal care items.

The business has 523 supermarkets across India and several private labels.