The Board of Directors of Dewan Housing Finance Corporation Ltd (DHFL), the second largest housing finance company in the private sector in India, on Tuesday announced the approval of 19.9% stake in Wadhawan Food Retail Pvt. Ltd.
Wadhawan Food Retail is the retail arm of the Wadhawan Group which operates more than 90 food and grocery stores and 6 home decor stores across India.
“The food and grocery segment accounts for 63% of the total retail expenditure. Out of this, 11% is organized retailing. This represents a big opportunity for us to invest in Wadhawan Food Retail, which has huge expansion plans of opening 1,500 stores in the next 4-5 years,” said Kapil Wadhawan, Vice Chairman and MD, DHFL.
“Also, DHFL will be able to increase its points of presence through the locations where Wadhawan Food Retail will open its stores,” added Wadhawan.
Wadhawan Food Retail currently has five established brands under its umbrella. The company operates Spinach, Sangam Direct and Maratha Co-operative in Maharashtra, Sabka Bazaar and The Home Stores in Northern India and S * Mart in Southern India.
Source: India Infoline