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Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm

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(AFL) on Tuesday said its subsidiary has received Rs 260 crore from India to pick a minority stake in another group firm . is Arvind Fashions’ recently-formed subsidiary which will own the Flying Machine brand.

Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm

“…After completion of the customary conditions precedent, Arvind Lifestyle Brands Ltd, a subsidiary of the company, received Rs 260 crore from Flipkart India as consideration for the sale of a significant minority stake in Arvind Youth Brands, another subsidiary of the company,” Arvind Fashions said in a BSE filing.

According to a PTI report; Earlier this month, Arvind Fashions had informed exchanges that Flipkart Group had invested Rs 260 crore to pick a minority stake in its subsidiary Arvind Youth Brands.

Flying Machine has been retailing on the group’s platforms of Flipkart and for more than six years.