Tata Sons-promoted Infiniti Retail, on Thursday, announced the acquisition of Woolworths Wholesale (India), the Indian business of the Australian company, Woolworths, for Australian $35 million (about Rs.200 crore).
A statement from Infiniti said the transaction would be completed in the coming weeks.
Woolworths’ move to exit the wholesale business in India followed its decision to exit the consumer electronics specialty store sector in Australia and New Zealand.
ADVERTISEMENT
“Upon completion of this transaction, the activities and employees of Woolworths Wholesale will be merged with those of Infiniti Retail, which operates the Croma retail chain,’’ Ajit Joshi, Managing Director and CEO, Infiniti Retail, said in a statement.
Woolworths has a tie-up with the Tatas since 2005, and provided retail knowledge and wholesale support to establish and grow Infiniti Retail’s Croma-branded retail chain, which was launched in October, 2006.
Infiniti Retail’s Croma is a national chain of stores for consumer electronics and durables and now operates 73 Croma and 12 Croma Zip stores.
ADVERTISEMENT