Adani Group’s flagship company Adani Enterprises’ joint venture will buy 74% stake in Cococart Ventures Private Limited (CVPL). The company gave this information on Friday (September 27). April Moon Retail Private Limited (AMRPL), a joint venture of Adani Airport Holdings Limited (AAHL), a step-down subsidiary of Adani Enterprises, will buy this stake.
This purchase of Rs 200 crore will be done through share purchase and subscription agreements. For this acquisition, Share Purchase Agreement (SPA), Share Subscription Agreement (SSA) and Joint Venture Agreement (JVA) have been signed on 27 September 2024.
Adani Enterprises: Will buy 36.96% equity stake under the share purchase agreement
Under the share purchase agreement, April Moon Retail will buy 14,73,518 shares which is 36.96% equity stake of Cococart Ventures. At the same time, under the share subscription agreement, April Moon Retail will subscribe to 14,76,471 shares which is equal to 37.04% equity stake of Cococart Ventures. The deal is expected to be completed by October 31.
The purchase will expand the retail business of Adani Group
This purchase will expand the retail business of Adani Group. Through this, Adani Enterprises will enter the retail and food and beverage sector. Cococart Ventures was started by Karan and Arjun Ahuja in September 2020.
Cococart Ventures imports chocolates from abroad and sells them here
This company imports chocolates from abroad and sells them here. It has cafes across the country. Its turnover has increased rapidly. Its turnover was Rs 6.89 crore in FY 2021, which reached Rs 51.61 crore in FY 2022 and then Rs 99.63 crore in FY 2023.
