Spencer to acquire Nature’s Basket

Goenka group owned Spencer Retail Ltd is set to acquire gourmet retail chain Nature’s Basket Ltd for INR 300 crore, as it seeks to expand its footprint in the Western region, the company filings with the BSE show. The acquisition is subject to shareholders approval.

The deal will give Spencer’s access to 36 Nature’s Basket stores in prime locations of Mumbai, Pune and Bengaluru. The Kolkata-based retail chain will also get access to Nature’s Basket’s online platform.

Natures Basket, which began operations in 2005, sells fruits, vegetables, fish and meat, besides fast moving consumer goods (FMCG) and staples. The retail chain is known for stocking up on niche gourmet products, including imported food such as Italy’s Grana Padano Cheese, Blue Cheese, Parma Ham, and bluish-purple chips from the US. It competes with the likes of Future Retail Ltd’s Food Hall, and Alibaba Group-backed Big Basket.

In 2017-18, Nature’s Basket contributed just about ₹291 crore to Godrej Industries’ consolidated revenue of ₹9,968.83 crore, the company’s annual report shows. Spencer’s Retail Ltd, a separate listed entity, had earned total revenue of ₹1,051.81 crore in 2017-18, on a stand-alone basis, according to BSE filings. In 2018-19, it generated a total revenue of ₹2,214.98 crore.