Debt-ridden Vishal to sell retail unit to Shriram Grp

Troubled discount retailer Vishal Retail, which was reeling under massive debt owing to the slowdown in the economy a year ago, on Monday said it would sell its retail trading business to Chennai-based Shriram Group, which deals in property, finance and insurance. The wholesale division of Vishal Retail s business, meanwhile, will be taken over by private equity firm Texas Pacific Group (TPG). The combined value of the two deals is Rs 100 crore, Vishal Retail said in a filing on the Bombay Stock Exchange. Out of the total amount, Rs 75 crore will be received upfront and the Rs 25 ...

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