Infiniti Retail Limited, a 100 per cent subsidiary of Tata Sons, today announced that it is acquiring Woolworths Wholesale (India) Private Limited for AUD $ 35 million. The transaction, which will complete in coming weeks, was announced by Ajit Joshi, Managing Director & CEO, Infiniti Retail Limited and Ramnik Narsey, India Chairman, Woolworths Limited.
Speaking on the occasion, Ajit Joshi, Managing Director & CEO, Infiniti Retail Ltd, said, “We are very excited to make this announcement. Upon completion of this transaction, the activities and employees of Woolworths Wholesale will be merged with those of Infiniti Retail, which operates the Croma retail chain. We welcome all Woolworths Wholesale employees into the Tata family. As a consolidated retail and wholesale operation, we expect strong growth for Infiniti Retail and the Croma franchise in India. We shared a rewarding partnership with Woolworths over the last six years and I am confident of the future as we embark on the next phase of our growth. We have ambitious plans at Infiniti Retail and look forward to support from all our partners.”
Ramnik Narsey, India Chairman, Woolworths Wholesale (India) Private Limited, said, “Woolworths Limited has enjoyed a successful relationship with the Tatas since 2005. In that time we have provided the retail knowledge and wholesale support that have helped them to establish and grow the Croma-branded national retail chain. Both parties entered into this venture with the intention of merging the wholesale and retail businesses once FDI regulations were relaxed. However, with our decision to exit the consumer electronics specialty store sector in Australia and New Zealand, we have now decided to sell the wholesale business in India to Infiniti. We wish them every success with the continued development of the Croma brand in India.”