Jubilant Ind arm to transfer hypermarket to Aditya Birla

Moneycontrol Bureau

Shares of Jubilant Industries were locked at 10 percent circuit, hitting Rs 163.90 per share intraday on Tuesday.  Its wholly owned subsidiary Jubilant Agri and Consumer Products will transfer its retail hypermarket business including four hypermarket stores in Bengaluru to Aditya Birla Retail via slump sale.

“Jubilant Agri and Consumer Products has agreed to transfer its retail hypermarket business undertaking consisting inter alia of four hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, to Aditya by way of a slump sale,” it says in a statement.

The board of the company has approved the transaction earlier on May 12. The transaction is expected to be completed within four months months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders.