Vishal news and archive

Vishal Retail caught between TPG and Shriram

Vishal Retail is in the news again and this time because of the differences between its owners TPG Capital and the Shriram Group. The discount retail chain has already suffered heavily due to mounting debts and now the two owners are at loggerheads over fresh capital investment into the venture. The scuffle seems to be leading both the groups...

Apparel

TPG for Vishal to be Shell company

Vishal Retail may become a Shell company if Texas Pacific has its way. The foreign private equity firm, by agreeing to infuse Rs 500 crores, has put in a condition that Vishal Retail will transfer all its fixed assets to a special purpose vehicle that will be predominantly owned by Texas Pacific. Once the assets are parked in the SPV, Texas...

Apparel

V2 chain to open hypermarkets

Vishal Retail which had been in the news for the troubled times it was going through and had reemerged in a new avatar called V2, has opened four new stores in Delhi-NCR recently. With these four stores, V2 now has a total of seven stores. With nearly in a total of one lakh sq. ft, retail space V2 now primarily sells apparels. A chain of stores...

Apparel

Vishal makes net profit in Q4

Vishal Retail has completed the sale of its wholesale and retail businesses for about Rs 700 million in cash, ending a process to revive the cash-strapped retail company that started in late 2009. The conclusion of the sale makes Vishal Retail the first listed Indian retailer to sell out in the wake of the global economic meltdown. However, the...

Apparel

TPG-Shriram takeover Vishal Retail

PE firm TPG Capital and Chennai-based Shriram Group have closed the transactions to take over Delhi-based loss-making company Vishal Retail. While TPG has acquired the wholesale and franchise undertaking of Vishal Retail, Airplaza Retail Holdings, a part of the Shriram Group, has acquired the retail undertaking. TPG will invest Rs 200 crores...

Apparel

Vishal Retail gets a breather from SC

Vishal Retail’s appeal against an Employees Provident Fund Organisation directive to deposit Rs 3.5 crores toward the provident fund dues of 13,000 of the ailing supermarket chain’s workers was admitted by the Supreme Court of India. Issuing a notice to the EPFO, the court directed Vishal Retail to deposit Rs 50 lakh with the provident fund body...

Apparel

Vishal Retail’s founder forms new firm

After selling off debt struck-Vishal Retail to the Texas Pacific Group (TPG) and the Chennai based-Shriram Group, Vishal Retail’s founder Ram Agarwal has registered a company under the name of V2 Conglomerate in Kolkata with his son and cousin as directors. There are four company-owned stores which will remain with Vishal Retail, according to...

Apparel

Vishal Retail’s recovery plans

Debt-ridden Vishal Retail has been struggling with lenders for quite some time but is confident its loan restructuring will be through within two months. With an inventory size of around Rs 200 crores, it had sales of Rs 130 crores. In this quarter, Vishal expects sales worth Rs 350 to Rs 375 crores and for the whole year it expects sales worth...