Debt-laden Vishal Retail’s board has approved the sale of its retail trading business to Chennai-based Shriram Group and the wholesale business, institutional sales and franchise operation to private equity company TPG Capita at a combined deal estimated at Rs100 crore.
It also noted that the sale will be subject to further orders of the Delhi High Court, which has restrained the retailer from selling its assets after a case was filed by some of Vishal's lenders, who were not part of the debt recast exercise.
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