Reliance Retail Ventures, a unit of Reliance Industries, has acquired Shri Kannan Departmental Store (SKDS) for ₹152.5 crore. SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 6 lakh square feet.With this acquisition Reliance will expand it's arm in the southern India.
The department store chain reported revenue from operations of ₹415 crore and a profit of ₹2 crore for 2018-19. The acquisition will help Reliance Retail strengthen its operations in Tamil Nadu and enable new retail and commerce initiatives for the company.
Shri Kannan, sells perishables such as fruits, vegetables and dairy products. It also sells home, personal care and general merchandise. Currently, the chain operates in 29 stores across Coimbatore and nearby areas, with cumulative retail area of 6 lakh square feet.
The acquisition is yet another move by Reliance Industries, which has been snapping up companies across sectors, to establish and solidify its presence in the retail sector.
