May 17, 2019 / 10:10 AM / 2 months ago

India's Spencer's Retail to buy Nature's Basket in $43 mln deal

BENGALURU, May 17 (Reuters) - India’s Spencer’s Retail Ltd will buy upmarket grocery chain Nature’s Basket from Godrej Industries for 3 billion rupees ($42.76 million), the companies said on Friday.

Spencer’s, a part of RP Sanjiv Goenka Group (RPG), already runs its own grocery stores in parts of the country.

The deal will give Spencer’s access to the western part of India through 36 stores of Nature’s Basket in Mumbai, Pune and Bengaluru, Shashwat Goenka, who leads RPG’s retail unit, said in a statement.

$1 = 70.1550 Indian rupees Reporting by Nivedita Bhattacharjee, Editing by Sherry Jacob-Phillips

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