Spencers Retail has received approval for acquisition of 100% stake in Natures Basket, a Wholly Owned Subsidiary of Godrej Industries (GIL), subject to approval of the Shareholders of both the Companies. The Board of Directors of the Company at its meeting held on May 17, 2019 has approved the same.
With this acquisition of Natures Basket will make Spencer’s a national player giving it access to the western parts of India through its 36 stores. This acquisition will bring in many synergies in Spencer‘s business and fits in well with Spencer’s omnichannel strategy.
Natures Basket is a public limited company engaged in the business of retail sales of various food products and beverages through its retail stores and online platform.