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Retailer gains an immediate presence in Mumbai, Bengaluru and Pune.
Spencer’s Retail, owned by RPG Enterprises, announced that it will acquire convenience retailer Nature’s Basket from Godrej Industries. The deal is estimated to be valued at US$43m and is awaiting approval from shareholders of both companies.
The RPG Group currently operates 156 supermarkets that are located mostly in eastern India. The acquisition gives Spencer’s Retail access to the more densely populated areas of west India.
Currently, Nature’s Basket has 36 stores selling fresh vegetables, fruits, cheese, meats as well as a range of organic foods and dairy. These stores are primarily in Mumbai, Bengaluru and Pune. Nature’s Basket also has its own online portal and mobile app which allows shoppers all over India to have groceries delivered to their doorstep.
“Nature’s Basket has a strong portfolio of private label brands which has huge traction with its consumers. We believe there is huge potential to expand this to Spencer’s stores. It also has a strong e-commerce presence, and we believe that fits in well with our omni-channel strategy at Spencer’s," said Shashwat Goenka, sector head, retail and FMCG, RPG Group.
Healthy Alternatives, L’Exclusif and Nature’s are its private label brands, covering many different categories.
Find out more information about Spencer’s Retail here.
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