HOME > BUSINESS > Aditya Birla Fashion & Retail says Future Group merger talks not related to itself

Aditya Birla Fashion & Retail says Future Group merger talks not related to itself

more-supermarketAditya Birla Fashion & Retail said it was not directly linked to the reported merger between Aditya Birla Group’s More supermarkets and Future Retail’s Big Bazaar.

The company was responding to a question by the stock exchanges after its stock rose in response to a report in the Economic Times that the two retail chains are in talks to merge their supermarket operations.

“We would like to clarify that the company referred to in the said news, Aditya Birla Retail Ltd (which carries on the food and grocery business) is a distinct and different legal entity from our company,” Aditya Birla Fashion and Retail Ltd said.

“The increase in prices of the scrip of the company today.. cannot be said to be attributable to the said news,” it added.

The Economic Times reported that the owners of the two supermarket chains are in talks to merge their chains and offer logistical and fulfilment services to e-commerce companies that may be interested in tying up with a brick-and-mortar partner to fulfil their grocery and perishable orders.

‘More’ branded supermarkets are estimated to be the fourth largest grocery chain in India after Big Bazaar, Reliance Retail and D’Mart.

Follow ULTRA.news
Vodafone Idea merger to save Rs 7,000 cr per year; one-time cost Rs 3,000 cr The Idea Cellular-Vodafone merger announced today will save about Rs 14,000 cr in operating expenses per year for the combined entity after four years of merger, the two companies said.However, due to the applicability of spectrum caps on the combined entity, the deal will al...
Shutters down on two Shoppers Stop, one Hypercity outlets Shoppers Stop Ltd said it is closing down its two stores at Inorbit mall at Pune and Nirmal Lifestyle at Mulund due to the decrease in business and low profitability.“The sales during last financial year from the store at Inorbit mall was Rs 2,491.20 lacs, which was 0.66% of ...
Big Bazaar seizes the currency opportunity, keeps stores open Future Group has decided to keep its Big Bazaar supermarket open till midnight today."We are getting a lot of enquiries from customers... so we've decided to keep it open till about 11:50 PM," Kishore Biyani, chairman of Future Group told the media.Though it is being port...
Aditya Birla´s fashion and retail unit ties up with UK luxury brand Ted Baker Aditya Birla Fashion and Retail Ltd said it entered into agreement with UK based fashion brand Ted Baker.Ted Baker London is a British luxury clothing retail company."We are happy to join hands with Ted Baker and build a strong presence for the brand with Indian consumers...
NSE seeks details on reported Aditya Birla and Future Group merger talks The NSE today has sought clarification from Aditya Birla Fashion and Retail (ABRL) on whether any negotiations for merger has taken place with Kishore Biyani's Future Group.The exhange's request for clarification has come after a report in the Economic Times.The report sa...
Aditya Birla Nuvo net profit up 50% on strong revenue growth QUAAditya Birla Nuvo, the diversified business company, reported a 10% increase in its first-quarter revenue to Rs 6,820 crore, while net profit rose 50% to Rs 397 crore.EBITDA rose 31% to Rs 1,671 crore.Financial ServicesAditya Birla Financial Services (ABFS) assets ...