Spencer’s Retail acquires Godrej Nature’s Basket in 300 Crores
Written By: Kriti Anand
In a 300 crore all-cash deal, Spencer’s Retail, RP-Sanjiv Goenka Group’s retail flagship, has acquired Godrej Group’s premium food retailing venture Nature’s Basket.
The acquisition of 100% stake in Natures Basket Limited, a Wholly Owned Subsidiary of Godrej Industries (GIL), was approved in a meeting of the Board of Directors of Spencer’s Retail held on 17th May, 2019.
Nature’s Basket is a Mumbai-based neighbourhood convenience store format grocery retailer. Its products range from fast moving consumer goods (FMCG) and staples, fresh fruits and vegetables, fish and meat, etc. The venture has been in operation since 2005. It operates 36 neighbourhood convenience stores in Mumbai, Pune and Bengaluru. The venture reported sales of Rs 338.28 crore for fiscal 2018-19.
On Friday, Spencer’s Retail said in a stock exchange notification this deal will enable it to access the western India market. Initially, it had no presence here, and the deal has now made it a national player and strengthened its omnichannel capabilities. Spencer’s Retail sells a wide range of quality products to its key consumers across categories such as food, fashion, personal care, home essentials, electrical, and electronics.
Shashwat Goenka, Spencer group’s sector Head, Retail and FMCG, stated, “Nature’s Basket will make Spencer’s a truly national player, giving it access to the west of India through its 36 stores in Mumbai, Pune, and Bengaluru.”
Godrej Group’s Executive Director said that the deal would further unlock the “immense potential” of Nature’s Basket brand and help it achieve greater heights.
“Looking forward, we realised… we need to pass on the torch to owners who have prioritised retail in their portfolio strategy and have the relevant ecosystems to take the business to the next level,” said Tanya Dubash, Executive Director and Chief Brand Officer, Godrej Group.