Big move by Gautam Adani as India’s second richest man inks Rs 2000000000 deal for…

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This move marks a significant step in the Adani Group’s expansion into the retail sector, as disclosed in an exchange filing.

Big move by Gautam Adani as India’s second richest man inks Rs 2000000000 deal for…

Adani Enterprises Ltd.’s subsidiary, April Moon Retail Pvt. Ltd. (AMRPL), has signed a series of agreements with Cococart Ventures Pvt. Ltd. (CVPL) as part of a deal in which AMRPL will acquire a 74% stake in CVPL for Rs. 200 crore. This move marks a significant step in the Adani Group’s expansion into the retail sector, as disclosed in an exchange filing on Friday. The acquisition deal is expected to finish by October 31, 2024.

AMRPL has entered into a share purchase agreement, a joint venture agreement, and a share subscription agreement with CVPL and its current shareholders, Karan Ahuja and Arjun Ahuja. Under the share purchase agreement, AMRPL will acquire 14.73 lakh equity shares, representing 36.96% of CVPL’s total equity. Additionally, AMRPL will subscribe to 14.76 lakh equity shares, representing 37.04% of CVPL’s total equity, through the share subscription agreement.

“We would like to inform you that April Moon Retail Private Limited, a joint venture company of Adani Airport Holdings Limited, which is a wholly owned subsidiary of the Company, has executed a Share Purchase Agreement (“SPA”), Joint Venture Agreement (“JVA”) and Share Subscription Agreement (“SSA”) on September 27, 2024 with Cococart Ventures Private Limited (“CVPL”) and existing shareholders of CVPL namely, Karan Ahuja and Arjun Ahuja for acquisition of shares in CVPL, to acquire 74% stake in CVPL,” the official statement said.

The joint venture agreement outlines the mutual rights and responsibilities of AMRPL and CVPL’s existing shareholders, focusing on operating CVPL as a joint venture and regulating the governance and commercial understanding of the business. This acquisition represents Adani’s entry into the retail and food & beverage sectors, aligning with its strategy to diversify beyond infrastructure and energy.

Incorporated in 2020, Cococart Ventures Pvt. Ltd. (CVPL) operates in a wide range of business activities, including buying, selling, labeling, relabeling, reselling, importing, exporting, transporting, storing, promoting, marketing, and supplying goods on both retail and wholesale levels, as well as running cafés in India or elsewhere. For the financial year 2022–23, the company reported a turnover of Rs. 99.6 crore.

Shares of Adani Enterprises ended 0.48% higher at Rs. 3,130.30 per share on the NSE, while the benchmark Nifty saw a decline of 0.14%. Over the past 12 months, Adani Enterprises’ share price has increased by 26.05%, with a 9.88% rise on a year-to-date basis. The stock’s relative strength index (RSI) stood at 61.88.

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