A national daily’s report that Aditya Birla Group is considering a proposal to buy Shoppers’ Stop and its other retail formats, has been denied by both the parties.
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 BS Nagesh also denied media reports stating, “These are just baseless market rumours, there is no credibility whatsoever. Shoppers’ Stop is not for sale.”
– Ranjan Kaplish