Tuesday, May 15, 2012: 08:59:33 PM

NATIONAL News

Premji Invest Acquires 7% Stake in Fabindia

Fabindia, Indiaís premier ethnic retailer has sold7 percent stake for `100ñ125 cr., to Premji Invest, valuing the ethnic-wear company at over `1,500 crore. Premji Invest is funded and owned by Wipro Ltd. Recently, L Capital, the private equity arm of the worldís largest luxury conglomerate LVMH Group, also bought 8 percent stake in Fabindia from Wolfensohn Capital Partners for a similar amount. Premji Invest and L Capital outbid at least a dozen private equity funds, including Bain Capital, Temasek, Carlyle, Everstone Capital, New Silk Route, Sequoia and KKR, which were in the race to invest in Fabindia. Fabindia currently operates 141 retail stores in India, with one store in Dubai, Nepal and Italy respectively. With the current round of funding, Fabindia will expand its operations both in the domestic and international markets, the company is keen to expand its operations in both international and national markets and plans to launch 40 retail outlets in India. Fabindia connects 40,000 craft based rural producers to modern urban markets.


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