Khaitan & Co and Trilegal worked on the 100% stake acquisition of Godrej Nature’s Basket (GNB) by Spencer’s Retail, a part of RP Sanjiv Goenka Group for ₹3 billion (US$42 million).
“The fact that Godrej and Spencer’s are both leading players in the food retail sector made the deal extremely high octane and nuanced with a lot of business cross-pollination,” said Khaitan & Co partner Surbhi Kejriwal who advised RP Sanjiv Goenka Group, their long-time client.
“That both the buyer and the seller are listed entities made the process more challenging and intricate.”
The promoter group holds 61% shares in GNB and the company had a turnover of ₹3.3 billion in the financial year 2018-19. The acquisition is subject to shareholder approvals from both companies and is expected to be completed by mid-July.
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