Flipkart to buy 8% shares in Aditya Birla Fashion for Rs 1,500 crore

By Anuj Kumar -
Flipkart to buy 8% shares in Aditya Birla Fashion for Rs 1,500 crore

Flipkart, owned by Walmart Inc, will buy a 7.8% shares of Aditya Birla Fashion & Retail Ltd for Rs 1500 crore. Aditya Birla Fashion has given this information to the stock markets. With this announcement, the company's shares climbed 6% on Friday. (Photo credit: Flipkart)

Flipkart, owned by Walmart Inc, will buy a 7.8% shares of Aditya Birla Fashion & Retail Ltd for Rs 1,500 crore. Aditya Birla Fashion has given this information to the stock markets. With this announcement, the company's shares climbed 6% on Friday. The announcement related to this investment comes at a time when Amazon Inc, Mukesh Ambani-led Reliance Industries, and Flipkart are trying to dominate India's fast-emerging online market.

Kumar Mangalam Birla, chairman of Aditya Birla Group, has said about the deal, "The number of middle-class families in India is very large and is increasing steadily. In such a situation, due to the strong foundation, fashion retail in India is going to have a very strong growth in the long term. This process will be further accelerated by the rapid growth in technology infrastructure. ''

Due to Covid-19, most people are locked in their homes. This is the reason that a large number of Indians are shopping online ranging from groceries to phones and clothes.

Earlier, a report in the newspaper Mint stated that both Amazon and Flipkart are in the race to buy a stake in Aditya Birla Fashion & Retail. Aditya Birla operates the fashion and retail Pantaloons retail chain and holds the rights to sell Forever 21 merchandise in India.

Aditya Birla has said that the company will use this amount to strengthen its balance sheet as the company is in the process of expanding its business.

With this announcement, the share price of Aditya Birla Fashion & Retail rose by 6.5 percent to Rs 163.45. This is the highest share price of the company since March 30, 2020.

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