Spencer’s Retail Limited, the company owned by RP Sanjiv Goenka Group has announced that it is acquiring Godrej Industries Limited owned Nature’s Basket for about $43 million (Rs 300 crore). Notably, the transaction will be confirmed once the shareholders of both the firms give their nod to it. The transaction was looked after by Lodha Capital as the financial adviser. Nature's basket has about 36 stores across the Southern and Western part of the country, having a stronghold in cities like Mumbai, Pune, and Bangalore. Through the transaction, Spencer will look to expand its territory.
RP Sanjiv Goenka Group's retail business head Shashwat Goenka commenting on the transaction said, “Both Spencer’s and Nature’s Basket are positioned as experiential grocery retailers, and that is the first of many synergies that this acquisition brings. Nature’s Basket has a strong portfolio of private label brands which has huge traction with its consumers.”
Spencer offers products ranging from various categories like food, personal care, fashion, home essentials, electrical and electronics. Future Retail Ltd-owned Foodhall, Reliance Fresh are the few major players with whom Nature's basket which is bene in the market since 2005, competes.
Godrej Group's executive director and chief brand officer Tanya Dubash talking about the deal noted that Looking forward, we realized that to further unlock the immense potential of this brand and to grow it to even greater heights, we need to pass on the torch to owners who have prioritized retail in their portfolio strategy and have the relevant ecosystems to take the business to the next level."
Image Courtesy : indianretailer