Industry speculations of Bharti Retail acquiring Big Apple chain of stores are mere rumours and nothing is happening on that front, both the parties told Indiaretailing.
“These are mere industry speculations and the company cannot comment on these. We do not have anything to share as there are no developments on this front,” Bharti’s spokesperson told Indiaretailing.
Big Apple’s CEO Munish Hemrajani too rejected the news as mere rumour, saying: “I’ve already made a statement to a business daily, we are not selling our business and there’s nothing on the cards as such. We are in the process of strengthening our business.”
However, if speculations are to be believed, the companies are in advanced stage of talks and will formally announce developments early next year.
Bharti, as of now, has no operational retail model, and is expected to start its cash-and-carry business in partnership with Wal-Mart in the third quarter of next year.
Started in 2005, promoted by Lalwani Holdings and Chaurasia Group, Big Apple has a chain of 65 stores spread across 100,000 square feet and clocked a turnover of Rs 155 crore last fiscal.
— Ranjan Kaplish