Subhiksha sells 10 pc stakes at Rs 230 cr

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Wipro Technologies’ chairman Azim Premji has invested around Rs 230 crore through his private investment firm ‘Zest Investment Pvt Ltd’ to acquire a 10 per cent stake in one of India’s largest supermarket, medicine and telecom retail chain – Subhiksha.

Confirming the news, R Subramanian, managing director, Subhiksha said, “This is in sync with the company’s plan of making Subhiksha a USD 5-billion company and the country’s largest retailer by 2011.”

This 10 per cent stake is part of ICICI Ventures’ 33 per cent stake in the retailer, which has come down to 23 per cent after the deal.

Subhiksha currently operates around 1, 590 stores across the country and also plans to enter the consumer durable segment within the next few months.

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