Vijay Sales, one of India's biggest retailers of electronic goods, has acquired Hyderabad electronics retail chain TMC Electronics for an undisclosed sum. This is the first-ever acquisition by the Rs 4,000-crore Mumbai-based retailer.
This acquisition gives the hitherto west and north India focused company an immediate foothold in the lucrative south market with TMC’s chain of 19 stores.
The deal has been signed with the Gupta family of Vijay Sales buying out all four promoters from the Nangunuri family, which controlled TMC Electronics.
TMC has a chain of 19 stores across Andhra Pradesh and Telangana, while Vijay Sales is operating 82 stores in western and northern India.