Arvind Fashions Ltd - 542484 - Intimation Regarding The Execution Of Definitive Agreements For Strategic Sale Of Assets Of UNLIMITED Business To V-Mart Retail Limited
We wish to inform that, Arvind Lifestyle Brands Limited ('ALBL'), a wholly owned subsidiary of the Company has signed definitive agreements for the strategic sale of assets of its UNLIMITED retail business to V-Mart Retail Limited ('V-Mart'). As part of the transaction, ALBL will sell assets consisting of fixed assets, lease deposits and identified inventory and other current assets of the 74 retail stores and the warehouse to V-Mart at its book value. In return, ALBL would receive cash consideration upon the closure of the transaction. The estimated likely consideration is Rs.150 Crores. Actual consideration may vary based on trued up value as on the transaction date. In addition, there are contingent payments to be received based on certain milestones achieved by V-Mart over next few years, post-acquisition of the assets.22-07-2021