Shriram, TPG to buy Vishal for Rs 100 cr

Beleaguered discount retailer Vishal Retail today said it would sell its retail trading business to Shriram Group, and the wholesale division to the private equity firm TPG, for a combined value of Rs 100 crore. In an announcement to the stock exchanges, Vishal retail said the sale, however, does not include the firm s properties in Hubli, Kolkata, Dehradun and Jabalpur. Shriram Group is a Chennai-based diversified group, which deals in property, finance and insurance. Vishal Retail, one of India s largest discount chains got into financial trouble about a year ago. Last year, the company underwent a corporate debt restructuring programme ...

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