Singapore's GIC sovereign wealth fund is in talks to buy stake in Aditya Birla Fashion & Retail (ABFRL) worth $300 million or about Rs 2,330 crore, sources told Moneycontrol.
The board of Aditya Birla Group’s fashion arm will meet on May 24 in this regard. This comes after Flipkart had invested in the company during the pandemic.
Funds raised will be used for growth as the retail sector bounces back after the pandemic. ABFRL has been strengthening its fashion portfolio over the last two years by acquiring premium labels and needs funds to boost its digital platforms for direct-to-consumer sales.
The firm and GIC did not respond to deal queries till press time.
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