Amazon and Samara Capital has acquired Aditya Birla Group’s food and grocery retail chain, More, for an enterprise valuation of around Rs 4200 crore as reported by leading media resources. Presently, ABRL owns and operates 575 More stores.
As per the information available home grown private equity fund, Samara acquired majority 51% in Kumar Mangalam Birla’s ABRL while Amazon's investment arm, Amazon.com NV Investment Holdings LLC, the balance 49%. The deal will be subjective to the clearance from the Competition Commission of India (CCI).
Samara has made investment through its alternative investment fund(AIF) which is backed by many overseas investors. However, Samara AIF is sponsored and managed by Indians, irrespective of the percentage of foreign corpus, it will be considered a domestic vehicle as per law. The acquisition is through an existing facility management back-end company.