Trent Ltd., the retail chain of Tata Group is set to acquire 51 per cent of stake in Booker India Pvt Ltd (BIPL) for cash in a deal amounting to INR 22 Cr. In a BSE filing, Trent informed that this acquisition will help them in their business expansion as the company aims to add six additional stores in the portfolio.

Currently, BIPL is operating five stores and its wholly-owned

subsidiary Booker Satnam Wholesale operates only one. This acquisition is expected to be closed by the end of 31 October 2019. Booker Satnam Wholesale Limited (BSWPL) is a sister concern of BIPL operations and BIPL holds the complete shareholding in the arm.

Established in 1998, the Trent Group is one of the leading players in the Indian branded retail market. It has as many as 142 retail stores and spanning across 80 major cities in the country under the brand name of Westside. Moreover, the group also operates Star Bazar in the right cities of the country while also introducing a new range of kitchenware in partnership with Lakeland, a UK based company.

Earlier this year, Trent also announced its plans of raising up its valuation up to INR 1,550 cr in the current financial year by the issuance of shares on a preferential basis to its promoter Tata Sons and funding the expansion plans. BIPL showcased a turnover of INR 238 Cr for the financial year that ended on March 31, 2019.