Adani Enterprises Limited (AEL) has announced its acquisition of a 74% stake in Cococart Ventures Private Limited (CVPL), a key player in India’s retail market. The acquisition is being conducted through Adani Airport Holdings Limited’s (AAHL) joint venture entity, April Moon Retail Private Limited (AMRPL), a step-down subsidiary of Adani Enterprises.
The acquisition was formalized through the execution of a Share Purchase Agreement (SPA), Joint Venture Agreement (JVA), and Share Subscription Agreement (SSA), all completed on September 27, 2024. These agreements will allow AMRPL to purchase 36.96% of CVPL’s equity shares through the SPA and subscribe to 37.04% through the SSA. The total consideration for the acquisition amounts to ₹200 crore, with the transaction expected to close by October 31, 2024.
Cococart Ventures, incorporated in 2020, operates in the retail sector, engaging in the buying, selling, and marketing of various goods in India, including running cafés. The company reported a turnover of ₹99.63 crore for FY23, marking significant growth since its establishment.
Adani Enterprises aims to strengthen its retail presence through this acquisition, capitalizing on CVPL’s rapid expansion and aligning with its broader strategy to enter new markets through its airport subsidiary.
