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    Aditya Birla hopes to ‘overtake’ Shoppers’ and not ‘take over’

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    A national daily’s report that is considering a proposal to buy Shoppers’ Stop and its other retail formats, has been denied by both the parties.

    Aditya Birla Fashion and Retail Limited has recently announced that it has completed the acquisition of the Indian business of US fashion brand, Forever 21, for more than Rs 175 crores (USD 26 million).
    Aditya Birla Fashion and Retail Limited has recently announced that it has completed the acquisition of the Indian business of US fashion brand, Forever 21, for more than Rs 175 crores (USD 26 million).

    The official spokesperson from Aditya Birla Group told Indiaretailing that nothing of the nature is happening. He clarified, “The company had stated that Aditya Birla Group will overtake Shoppers’ Stop in retailing business, but the statement has been misunderstood and misreported as a ‘takeover’.”

    Shoppers’ Stop managing director also denied media reports stating, “These are just baseless market rumours, there is no credibility whatsoever. Shoppers’ Stop is not for sale.”

    – Ranjan Kaplish