Arvind Lifestyle Brands sells the assets of its UNLIMITED retail business to V-Mart Retail

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Arvind Lifestyle Brands (ALBL), a wholly-owned subsidiary of Arvind Fashions, has signed definitive agreements for the strategic sale of the assets of its UNLIMITED retail business to V-Mart Retail (V-Mart).

As part of the transaction, ALBL will sell to V-Mart assets consisting of fixed assets, lease deposits, identified inventory and other current assets of the 74 retail stores and warehouse at its carrying amount.

In return, ALBL would receive cash consideration upon closing of the transaction.

The estimated probable consideration is Rs. 150 crores. The actual consideration may vary depending on the adjusted value on the trade date.

In addition, conditional payments must be received based on certain milestones achieved by VMart in the coming years after the acquisition of the assets.

The Board of Directors of the Company and ALBL have approved this transaction.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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