Godfrey Phillips India (GPI) has signed a term sheet with retail startup The New Shop for the sale of its retail firm, 24Seven. This acquisition arises amidst an intense inheritance dispute within the Modi family, the controlling entity behind GPI. The sale is part of GPI’s strategic move to simplify operations focused on their core FMCG and tobacco businesses. The acquisition will allow The New Shop to increase its market share in the convenience retail sector, setting it up as a strong competitor against brands like Tata’s Croma and Reliance’s JioMart. However, challenges persist in integrating 24Seven’s operations into The New Shop, ensuring brand integrity and customer satisfaction. The industry can expect increased competition and possible consolidation as other players react to this major shift.
Retail, Fast-Moving Consumer Goods (FMCG), Tobacco,India
https://mergersacquisitions.einnews.com/article/740747024/erudPpu0vZ1oBTu6?ref=rss&ecode=Q1vNcweEggLWKz7L