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September, 2006 Pragati Maidan, New Delhi, India |
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HK’s dairy farm in talks with Rahejas
Hongkong-Based food and drugstore retailer Dairy Farm International, the erstwhile joint venture partner of RPG Enterprises, is understood to have held discussions with Mumbai-based Rajan Raheja group which owns the retail chain, Globus, to be its joint venture partner. The group had earlier mandated DSP Merrill Lynch to find an Indian partner to buy RPG’s 51% stake in the retail venture. It is this stake, which the Rahejas may buy.
Vinay Nadkarni, CEO of Globus Stores, said that there is no tie-up between Globus and Dairy Farm International. “Both are in retail, but in different formats,” he said. However, informed sources said that negotiations were carried out with the Rahejas recently, possibly for a separate retail format. Currently, Globus sells only apparel and accessories.
One of the early companies to invest in the Indian retail sector in 1999, Dairy Farm got into a joint venture with RPG Enterprises for retailing a whole range of food items in India. The joint venture company, with a 49% equity stake held by Dairy Farm, operated Foodworld Supermarkets and Health & Glow, beauty retail outlets in India through an agreement between Dairy Farm and Spencer and Company, an RPG company. However, the two sides later developed differences.
Date: 13-Jun-2006
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