HyperCity Retail reported a turnover of Rs 1,191 crore for the fiscal 2016-17 while its net worth, as of March 2017, stood at Rs 11.45 croreAfter brainstorming for over four hours, the Board of directors of Kishore Biyani-promoted Future Retail finalised the acquisition of K Raheja Corp owned hypermarket chain HyperCity Retail (India) Ltd (HRIL). The entire equity share capital of HRIL, according to a Future Retail Ltd (FRL) statement, has been acquired from existing shareholders for part cash and part share consideration. The Board also approved the execution of a term sheet for the said deal aggregating to Rs 655 crore. HyperCity Retail reported a turnover of Rs 1,191 crore for the fiscal 2016-17 while its net worth, as of March 2017, stood at Rs 11.45 crore. “The acquisition would result in further consolidation FRL’s retail business while also increasing the company’s foothold in the hypermarket segment,” FRL said in a statement.

Source: dna October 06, 2017 02:15 UTC