INDIA: Godrej to spin off Nature’s Basket
Indian consumer goods giant Godrej Group has confirmed plans to spin off its Nature's Basket food retail business as a stand-alone entity.
Nature's Basket, an upmarket retailer targeting urban areas, currently operates as part of Godrej Agrovet - Godrej's food and agricultural division.
However, a spokesperson for Godrej confirmed that the businesses would be separated.
"Nature's Basket has produced strong year-on-year sales growth. As a separate entity the business is expected to accelerate this growth," the spokesperson revealed.
It is understood that the spin off will be completed through a two-way equity transfer.
Nature's Pride operates a small number of stores focusing on high-end products, such as fresh fruit and vegetables, in Mumbai. However, the company revealed: "Many more outlets are in the offing in different cities across the country."
Citing people familiar with the move, the Economic Times reported that Nature's Basket will now seek strategic tie-ups with international retailers. However, the spokesperson declined to comment on the strategic direction the retailer would take after the spin off.
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