ABRL will acquire in an all- cash deal the leasehold rights for four hypermarkets of Total Superstore Business in Bangalore along with movable and immovable assets," Aditya Birla said in a statement.
Aditya Birla Group Business director, apparel and retail business, Pranab Barua said, " The acquisition of Total Superstore Business is a good strategic fit for ABRL in terms of its store locations and catchment areas." Jubilant said that transaction is expected to be complete within four months subject to approvals.
18 February 2010 A[cent sign]a'[not sign]a[euro]oe ICRA said it revised the long-term rating on Aditya Birla Retail Ltd's (ABRL) INR7.3bn (USD158m/EUR116m) long-term loans and INR1.48bn fund based bank facilities to LBBB+ from LA-.
ABRL is an operator of supermarkets and hypermarkets in India.
While ABRL, along with its wholly-owned subsidiary Trinethra Superretail Private Ltd, has been in an expansion phase and was expected to incur losses over the medium term, the company's operating performance has been below estimates.
The ratings nevertheless continue to draw comfort from ABRL's ownership as part of the Aditya Birla Group and from their commitment towards the business.
" The retail rentals are too high and take a large pie of the profitability of the retailer," Thomas Varghese, chief executive officer ( CEO), Aditya Birla Retail Ltd ( ABRL), the retail arm of the Aditya Birla Group told M AIL T ODAY .
In fact, ABRL closed about 40 of its supermarket stores at various locations because of high rentals.
AFTER consolidating its presence in the retail business, Aditya Birla group is planning to launch its own private labels in the electronics and consumer goods space in the next two to three years, Thomas Varghese, chief executive officer ( CEO) of Aditya Birla Retail Ltd ( ABRL), told M AIL T ODAY .
He is targeting to get ABRL counted among the top five retailers by 2015.
ABRL expects revenue of Rs 1,450- 1,500 crore this fiscal.