Godfrey Phillips In Talks With Tata, Reliance, DMart To Sell 24Seven: Report
ABP NewsGodfrey Phillips is reportedly holding discussions with Tata Trent, Reliance Retail, and Avenue Supermarts for a possible deal to sell the firm’s grocery wing, 24Seven, media reports stated. Godfrey Phillips India, in an official filing dated April 12, said that it plans to divest the 24Seven unit after it conducted a detailed review of the loss-making retail business division. The company in its filing said, “.decided to exit from carrying out the business operations of its retail business division… A decision in this regard was taken following a detailed review of the company's retail business division and after due consideration of the stakeholders' feedback, long-term performance, prevailing market conditions of the retail sector and long-term business strategy of the company.” 24Seven was set up in 2005 and currently has 145 operational stores spread across the Delhi National Capital Region, Punjab, and Hyderabad. Tata Group’s retail division, Trent Ltd, oversees the grocery unit, Star Bazaar, and acquiring the 24Seven business might only provide marginal benefits for the company, the report noted as grocery accounts for a very small part of the group’s overall retail business.
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