Infiniti Retail to buy Woolworths’ Indian wholesale unit for Rs200 crore
27 Sep 2012
Infiniti Retail, operator of the Croma retail chain and a unit of Tata Sons, today said it will buy the Indian wholesale arm of Australian retailer Woolworths for A$35 million (Rs200 crore).
Post acquisition, Woolworths Wholesale (India) Pvt Ltd will merge with Infiniti Retail.
Woolworths Wholesale (India) was launched in India in February 2006. As a cash and carry wholesaler, the company supplies computers and peripherals, home entertainment, communications and imaging, large and small appliances and gaming merchandise to Infiniti Retail.
It also has a wide range of brands such as Sony, Samsung, Phillips, Panasonic, Bajaj and Godrej, and has warehouses in Mumbai, Ahmedabad, Gurgaon (NCR) and Bangalore.
In February, New South Wales-based Woolworths had said that it would sell its retail and wholesale consumer electronics businesses in Australia, New Zealand and India as part of a broader review of the company's assets and focus on the core parts of its retail business.
This week, Woolworths agreed to sell Dick Smith, the 325-store electronics chain in Australia and New Zealand, to Australian private equity firm Anchorage Capital Partners for $20 million.