Alok group of Jiwrajka family acquired 16 percent share in Hamserd Group, British retail firm, for Rs 30 crore.
The group also holds alternative to increase its share in Hamserd to another 10 per cent. Confirming the move, Dilip B Jiwrajka, managing director of the group flagship Alok Industries, stated that the company would have a key responsibility in managing the foreign company that operates two retail chains, QS and Bewise.
With sales worth 200 million pounds (approximately Rs 1,600 crore), Hamserd is running 354 retail stores in the United Kingdom. Alok group would send a representative on the Hamserd board.
The number of the board members will rise to two if we increase investment to 26 per cent, said Jiwrajka. He added that Grabal Alok Impex, a part of the Alok group, would pick up the share in the closely held British company.
Justifying the reasons for picking up share in the foreign retail chain, Jiwrajka said that the decision would provide good prospect to the company. Alok Industries and Grabal Alok export products mostly to the UK and the US.
This tie-up with a retail chain would help Alok group in selling its products, he added. The group might find out related opportunities at home in future, he informed.
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