Aditya Birla Nuvo (ABNL) has received an approval for the proposed acquisition of a controlling stake in Future Group’s 'Pantaloons Format' business post its demerger from Pantaloons Retail (India) (PRIL). The board at its meeting held on April 30, 2012 has approved for the same.
With this acquisition, ABNL will have multiple brands, store formats and a complete range across all categories - casual wear, ethnic wear, formal wear, party wear and sportswear for men, women and kids.
Besides, the proposed acquisition is in line with ABNL’s strategic intent to be on the top of the league and to create the largest integrated branded fashion player in the country through an extension into the value segment. This acquisition will catapult ABNL to the pole position in the branded fashion space in all the segments with a pan-India presence.
Further, the proposed transaction is likely to be completed within 8 to 10 months, subject to the finalisation of the Scheme of Arrangement, due diligence and statutory and other requisite approvals.
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| 3M India | 31405.00 |
| Hindustan Foods | 505.05 |
| Balmer Lawrie & Co | 168.25 |
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