Flipkart picks up 7.8% in Aditya Birla Fashion for Rs 1,500 crore, signals robust retail growth

In what can be termed as the second big deal during the current year in the offline consumer space, Aditya Birla Fashion and Retail (ABFRL) on Friday announced a strategic partnership with Walmart-backed Flipkart Group, wherein the latter will pick up a 7.8% stake in the former for Rs 1,500 crore by way of a preferential issue on a fully diluted basis.

The company has also, in furtherance of the existing business-to-business arrangements with Flipkart India, entered into a commercial agreement in relation to the sale and distribution of various brands of the company.