Flipkart to invest 7.8% stake
Flipkart will buy 7.8 % stake in Aditya Birla Fashion and Retail Limited (ABFRL) for Rupees 1,500 crore Aditya Birla fashion and retail Run some brands like Pantaloons, Allen Solly, Peter England and many more.
According to Aditya Birla fashion and retail Limited, it said," The equity capital will be lifted at rupees 205 per share and Amazon had separate talks with Aditya Birla and fashion and retail potential investment".
According to Aditya Birla fashion and retail, it said that" The interest consensus inter-alia provides for some rights such as Preemption rights and right of first refusal which are of a limited period of between 1-5 years from the date of the budget of equity shares or equity shareholding of the investor Falls below a certain boundary.
Mangalam Birla, chairman of Aditya Birla Group head, that this" Partnership is a strong approval of the growth potential of India it also reflects our strong convention in the future of the Apparel industry in India which is poised to touch dollar 100 BN in next 5 years, he also said that fashion in India is set for robust long-term expansion due to powerful fundamentals of large and growing middle-class favorable demographics racing disposable incomes and aspiration for brands and rapid growth of technology and infrastructure will further stimulate this process over the years have come into a long strong platform to capture future growth opportunities in India the partnership is a critical component of the strategy.
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