Indian retail stores chain operator Spencer’s Retail has bought grocery and fresh food company Nature’s Basket from Godrej Group for 300 crore rupees ($43 million).
The all-cash transaction will enable Spencer’s Retail to access the western India market where it has no presence, making it a national player and also strengthening its omnichannel capabilities.
With the completion of the deal, Spencer’s Retail intends to continue with Nature’s Basket brand and also plans to expand it to other markets, where it is not present.
Furthermore, Spencer’s Retail also said that its revenue from operations in 2018 to 19 was $311 million.