Aditya Birla Group says retail restructuring plan not yet fixed
The group clarifies that there has been no release of any information regarding any merger or restructuring to the media
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Mumbai: The Aditya Birla Group clarified to the stock exchanges on Monday about recent media reports regarding plans to restructure its retail business, stating that the “group keeps evaluating opportunities in the ordinary course of business”.
“We confirm that there has been no release of any information regarding any merger or restructuring to the media even as of this moment,” the group said in a statement.
Television channel ET Now had reported last week that the group plans to demerge the retail business from Aditya Birla Nuvo Ltd and plans to raise $500 million by selling 20% in the retail business.
The channel reported that the group was also considering the merger of Pantaloons Fashion and Retail Ltd, Jayashree Textiles and Madura Fashion and Lifestyle.
On 16 July, The Times of India reported that Carlyle Group, Apax Partners Llp, Kohlberg Kravis Roberts and Co. Lp and TPG Capital were among the investors with a preliminary interest in the retail business.
The Aditya Birla Group in its statement said it cannot comment about the news reports at this point.
Aditya Birla Nuvo shares were down 0.4% at Rs.1,415 apiece at 13:42pm on BSE, while the benchmark Sensex was trading 0.31% higher at 25,721.86 points.
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