Subhiksha to acquire Blue Green ConstructionsJune 28th, 2008 - 7:40 pm ICT by IANS
Chennai, June 28 (IANS) Subhiksha, India’s leading food and grocery retailer, will acquire a majority stake in Chennai-based retail network Blue Green Constructions and Investments Ltd, the company said Saturday. The respective boards of Subhiksha and Blue Green will meet Monday to consider a merger of the two companies. The merged entity will be called Subhiksha Ltd.
Subhiksha’s promoter R. Subramanian 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 $5 billion company.
“We are planning an entry into consumer durables to further enhance Subhiksha’s value proposition to the Indian consumer. The company plans to have two million square feet of retail space in this segment in the next year,” he added.
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