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Aditya Birla Nuvo zooms in on Pantaloons Format

30
Apr '12
The Board of Directors of Aditya Birla Nuvo Limited, at its meeting, has approved the proposed acquisition of a controlling stake in Future Group's "Pantaloons Format" business post its de-merger from Pantaloons Retail (India) Ltd.

Says Mr.-Kumar Mangalam Birla, Chairman, ABNL, "The proposed acquisition is in line with our strategic intent to be on the top of the league and to create the largest integrated branded fashion player in the country through an extension into the value segment. This acquisition will catapult ABNL to the pole position in the branded fashion space in all the segments with a pan India presence,"

"On completion of the acquisition, the two entities 'ABNL's Madura Fashion & Lifestyle' and 'PRIL' will work closely as partners to derive operational synergies, in terms of back end, supply chain and many other important value drivers of the business. We are delighted to have Mr. Kishore Biyani as our partner in the Pantaloons Format business. Furthermore, to ensure continuity the current management team will continue to run the business" added Mr. Birla.

With this acquisition, ABNL will have multiple brands, store formats and a complete range across categories - casual wear, ethnic wear, formal wear, party wear and sports wear for Men, Women and Kids,

ABNL and PRIL, both have a common shared vision of creating value for its multiple stakeholders. ABNL's Madura Fashion & Lifestyle put in an impressive performance.

For the calendar year 2011, it recorded revenue of Rs. 2,145 Crore. Its leading brands Louis Philippe, Van Heusen, Allen Solly, Peter England, People and The Collective, span a retail space of 1.6 million square feet across the country. Pantaloons Format business is spread over 2.05 million square feet. Their combined strength will be of great advantage for all the stakeholders.

PRIL will issue debentures to ABNL worth Rs. 800 Crore at mutually agreed terms, convertible in the equity shares of the resulting entity i.e. Pantaloons Format business.

PRIL will de-merge its Pantaloons Format business through a court scheme of arrangement. PRIL will transfer the net assets of its business, its apportioned debt of Rs. 800 (rare and debentures of Rs. 800 Crore to the resulting entity. After the de-merger, the debentures will be converted into equity shares of the resulting entity.

Aditya Birla Nuvo Limited


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