Adani Enterprises Ltd announced recently that its joint venture, April Moon Retail Private Ltd (AMRPL), will acquire a 74% stake in Cococart Ventures Private Ltd (CVPL) for Rs 200 crore. This acquisition will be carried out through a mix of share purchases and subscription agreements.
According to reports, the deal was formalised on September 27, 2024, with the signing of multiple agreements, including a share purchase agreement (SPA), a joint venture agreement (JVA), and a share subscription agreement (SSA).
This transaction will give AMRPL a controlling 74% stake in CVPL, a company involved in retail and wholesale trading, as well as operating cafés across India.
CVPL, founded in 2020, has shown significant growth, with a turnover of Rs 99.63 crore for FY23, up from Rs 51.61 crore in FY22 and Rs 6.89 crore in FY21.
The acquisition aligns with the Adani Group’s strategy to expand into the retail and food & beverage sectors, diversifying beyond its core infrastructure and energy businesses.
According to reports, the transaction is expected to be completed by October 31, 2024, forming a joint venture between AMRPL and CVPL’s existing shareholders, Karan and Arjun Ahuja.
This partnership aims to enhance CVPL’s business activities and set the framework for shared management and commercial agreements.
