Deal is valued at Rs152.5cr
MUMBAI: Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL), has acquired the Tamil Nadu-based Shri Kannan Departmental Store Private Ltd (SKDS) for a consideration of Rs152.5 crore.
SKDS, incorporated on September 15, 1999, is engaged in the business of retailing fruits & vegetables, dairy, staples, home & personal care and general merchandise to consumers mainly catering areas in Coimbatore.
SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 6 lakh square feet.
SKDS has reported revenue from operations of Rs415 crore, Rs450 crore and Rs481 crore for 2018-19, 2017-18 and2016-17 respectively. The net profit earned by the group during these years respectively were Rs2 crore, Rs3 crore and Rs4 crore, according to an official statement.
SKDS has its genesis in a department store by the name of Sangeetha Shopping Centre established in Erode in Tamil Nadu in 1985. Encouraged by the response from the public, the department store was upgraded to a large department store in 1999 under the name of Shri Kannan Department Store (SKDS).