Reliance Retail to acquire leading electronics retail chain in SouthRELIANCE - 2412 Change: 18.05 (0.75 %)
As per media reports, Reliance Retail is planning to acquire Kerala’s leading leading electronics and grocery retail chain, ‘Bismi’ which runs 30 large format stores in the state. The company has revenue worth Rs 800 crore and is seeking valuation of Rs 600 crore (0.8x Mcap/sales).
Reliance Retail is strengthening its foothold in the southern region and has previously acquired three companies in the south (Jaisurya Retail, Kalanikethan and Shri Kannan Departmental Store). The acquisition would further enhance Reliance Retail's position in the consumer electronics markets, which would enable it to garner enhanced consumer wallet share in a rapidly growing market in the southern region.