Aditya Birla Fashion and Retail Limited (BSE:535755) signed a definitive agreement to acquire 51% stake in Sabyasachi Couture for INR 4 billion on January 27, 2021. The consideration includes a cash payment of INR 3.98 billion which in subject to closing adjustments. For the financial year 2020, Sabyasachi Couture reported revenue of INR 2.8 billion.

The acquisition is subject to to necessary statutory approvals and signing of definitive agreements. The transaction is expected to close in between 30 to 45 days. Board of Directors of Aditya Birla Fashion and Retail Limited have approved the acquisition.

Jay Gandhi and Mukul Baveja of Shardul Amarchand Mangaldas & Co acted as legal advisor, PWC acted as accountants to Sabyasachi Couture. Shailendra Bhandare, Suhana Islam Murshedd, Arindam Sarkar, Kapish Mandhyan, Riya Dutta, Anwesha Sinha, Sourav Dan, Rhea Ghanshani, Shourya Sengupta, and Sneh Lata of Khaitan & Co acted as legal advisor and legal due diligence provider, Transaction Square LLP and KPMG acted as accountant to Aditya Birla Fashion and Retail Limited. Ernst & Young Private Limited acted as financial advisor for Sabyasachi Couture.