Aditya Birla Fashion Increases Stake in Tarun Tahiliani Brand for Rs 127 Cr
- ByStartupStory | July 12, 2024
Aditya Birla Fashion and Retail Ltd (ABFRL) has boosted its ownership in Goodview Fashion Private Limited, the manufacturer of renowned ethnic fashion label Tarun Tahiliani, by acquiring an additional 17.5% stake for Rs 127.42 crore. This move elevates Aditya Birla Fashion’s stake in Goodview Fashion from 33.5% to a controlling 51%.
The acquisition, facilitated through a secondary purchase of 1,870 equity shares from existing shareholders, has led to Goodview Fashion transitioning from an associate company to a subsidiary of Aditya Birla Fashion, effective July 11, 2024. Highlighting the strategic significance of this transaction, a spokesperson from Aditya Birla Fashion stated, “This acquisition underscores our commitment to strengthen our presence in the premium ethnic wear segment, leveraging the esteemed legacy of Tarun Tahiliani.”
Goodview Fashion, which reported a revenue of Rs 148 crore in the fiscal year 2024, is set to benefit from Aditya Birla Fashion’s robust operational infrastructure and market reach.
In related developments, Aditya Birla Group recently announced a $50 million investment in a manufacturing and research center in Texas, aimed at bolstering its capabilities in epoxy resin production.
Aditya Birla Fashion’s shares, traded on the Bombay Stock Exchange (BSE), were marginally down by 0.22% at Rs 322.80 apiece in late morning trade today.
Follow Startup Story
Related Posts
