Spice Retail Ltd, the multi brand mobile and technology retail chain, has announced that it has acquired Karnataka-based retail chain Global Access.
The company said in a statement that it has aggressive expansion plans and aims to add products in categories such as imaging and gaming. It wants to move into other domains apart from mobility and IT products. The acquisition will enable Spice Retail to tap the state as well as the regional market.
Dilip Modi, managing director, Spice Televentures, said in the statement, “The completion of this acquisition represents a significant step for us in our growth strategy. Global Access has been a strong regional brand. This acquisition will bring in presence, expertise and experience of their retail business in the region and unleash a force multiplier that generates value for the business as well as for the customer across segments. This is but a step towards a larger goal.”
“This acquisition along with our recent acquisition of Cellucom aims to improve the retail capillarity of the organisation,” added Modi.
Spice Retail is a part of Spice Televentures that manages and operates businesses in mobile devices, VAS, application development, mobile retail and enterprise managed services. It has a network of nearly 700 stores.
Source: afaqs! Telecom Yatra