Nature’s Basket, a retail initiative of consumer goods manufacturer Godrej for selling vegetables, fruits and herbs, has become a separate entity, reports The Economic Times.
“We see the Godrej brand and Nature’s Basket doing a two-way equity transfer. We have hit on a very successful model and our same store sales has grown 50 per cent annually. The decision to spin off this business is to accelerate growth and scale up the business,” quoted Ms Dubash, executive director and president (marketing), Godrej Group in the report.
According to the report, Nature’s Basket, which was earlier a part of Godrej Agrovet, is currently exploring options to partner with global gourmet retailers or strategic investment alliances as per the permissible FDI laws in retail.
The report further added that Mohit Khattar, ex-president Subhiksha has been appointed as the CEO of the company while the two directors of the company —Tanya Dubash and A Mahendran would be part of the board.
— IndiaRetailing Bureau