Subhiksha to acquire Chennai-based firm

New Delhi, Jun 29 (UNI) Subhiksha, the country's leading food and grocery discount retailer, said it will acquire a majority stake in the Chennai-based Blue Green Constructions and Investments Ltd.

The respective boards of Subhiksha and Blue Green will meet on Monday to consider the merger between the two.

The merged entity will be called Subhiksha Ltd and is expected to list its shares on NSE and BSE apart from MSE where the shares are currently listed, a company statement said.

''This transaction will ensure that Subhiksha has access to capital and will continue to be on the fast track of growth. It will also enhance value for our stakeholders and help us achieve our objective of becoming a five billion dollar company,'' said Mr R Subramanian, the promoter of Subhiksha.

The company plans to enter into consumer durables to further enhance Subhiksha's value proposition to the domestic consumer with an aim to have two million square feet of retail space in this segment by next year, added Mr Subramanian.

Apart from food and grocery, Subhiksha is also the largest mobile retailer of the country.

UNI PDT SBA PM1402