PremjiInvest, KKR in race to acquire Vishal Mega Mart

KKR and Wipro founder Azim Premji’s family office PremjiInvest have joined the race to buy fashion hypermarket chain Vishal Mega Mart. KKR and PremjiInvest submitted separate bids for the stake, the two people cited above said on condition of anonymity. US-based Carlyle Group, a consortium of Kedaara Capital and Partners Group, and online retailer Flipkart are among contenders for Vishal Mega Mart. If a deal materializes, it would be the first exit for a global private equity fund from an asset that has turned around after restructuring.

Vishal Mega Mart operates over 204 stores in over 110 cities and towns. The company had reported a loss of Rs 36.2 crore on revenue of Rs1, 346 crore, against a net loss of Rs 60.3 crore on a revenue of Rs 1, 108 crore for 2016.