Tata Group retail arm Trent has received its board’s approval to acquire entire stake of private equity fund TVS Shriram Growth Fund in Landmark for consideration of Rs 84 crore.
Landmark, a Tata enterprise, is one of the country's largest book and music retailers. Further, it has been agreed between the parties that the fund would retain an option to invest in a minority stake in Westland (also a subsidiary of Trent) at a future date.
TVS Shriram Growth Fund I is a Rs 600-crore domestic rupee fund established with a vision to develop and nurture India's mid-cap businesses.
Trent is part of the Tata Group and is engaged in business of retailing. Trent acquired 76% stake in Landmark, one of the largest books and music retail chains in the India.
