Adani Enterprises Unit To Acquire 74% Stake In Cococart Ventures For Rs 200 Crore

Adani Enterprises Ltd. unit April Moon Retail Pvt. has signed a series of agreements on Friday with Cococart Ventures Pvt. As a part of the deal, AMRPL will acquire a 74% stake in CVPL for Rs 200 crore, marking a significant expansion in the retail space for the Adani Group, according to an exchange filing on Friday.

The company has executed a share purchase agreement, joint venture agreement, and share subscription agreement with CVPL and its current shareholders, Karan Ahuja and Arjun Ahuja, the filing said.

As part of the share purchase agreement, AMRPL will acquire 14.73 lakh equity shares, representing 36.96% of the total equity in CVPL. As part of the share subscription agreement, AMRPL will subscribe to up to 14.76 lakh equity shares, representing 37.04% of the total equity in CVPL.

The joint venture agreement has been executed to define the mutual rights and obligations of AMRPL and the existing shareholders of CVPL in order to operate CVPL as a joint venture company and regulate the terms and conditions of the commercial understanding with respect to the management and governance of the CVPL to develop its business in accordance with the terms thereof.

Incorporated in 2020, CVPL is engaged in the business of buying, selling, labelling, relabeling, reselling, importing, exporting, transporting, storing, promoting, marketing or supplying, trading, dealing in any manner whatsoever in all type of goods on retail as well as wholesale basis or to run café in India or elsewhere. The company's turnover for financial year 2022–23 was Rs 99.6 crore.

Shares of Adani Enterprises closed 0.48% higher at Rs 3,130.30 apiece on the NSE, compared to 0.14 decline on the benchmark Nifty.

The share price has risen 26.05% in the last 12 months and 9.88% on a year-to-date basis. The relative strength index was at 61.88.