Debt-ridden Vishal Retail has completed its long-time selling process of retail and wholesale businesses to the Shriram Group and private equity company TPG, respectively, for INR70 crores (INR700 million, USD15.2 million).
Vishal sold its wholesale trading, institutional sales and franchise operations to TPG Wholesale, the Indian arm of US-based TPG. Airplaza Retail Holdings, a company owned by the Chennai-based Shriram Group, will manage the retail stores.
(Source: franchiseindia.com)