Adani Airport's JV April Moon Retail to acquire 74% stake in Cococart Ventures. Details here

April Moon Retail Pvt Ltd, a joint venture company of Adani Airport Holdings Ltd, is set to purchase a 74 per cent stake in Cococart Ventures Pvt Ltd (CVPL) for Rs 200 crore. Adani Airport is a wholly-owned subsidiary of group's flagship Adani Enterprises Ltd.

"With reference to the captioned subject, we would like to inform you that April Moon Retail Private Limited (AMRPL), a joint venture company of Adani Airport Holdings Limited (AAHL), which is a wholly owned subsidiary of the company, has executed a Share Purchase Agreement (SPA), Joint Venture Agreement (JVA) and Share Subscription Agreement (SSA) on September 27, 2024 (collectively, Agreements) (information of the same has been received by the company on September 27, 2024 at 05:06 PM) with Cococart Ventures Private Limited (CVPL) and existing shareholders of CVPL namely, Mr. Karan Ahuja and Mr. Arjun Ahuja for acquisition of shares in CVPL, to acquire 74 per cent stake in CVPL," the company stated in an exchange filing on Friday.

"The SPA has been executed for inter alia AMRPL to acquire 14,73,518 equity shares constituting to a total of 36.96 per cent of CVPL. The SSA has been executed for inter alia AMRPL to subscribe to up to 14,76,471 equity shares constituting to a total of 37.04 per cent of CVPL," the filing also said.

"The JVA has been executed to define the mutual rights and obligations of AMRPL and the existing shareholders of CVPL in order to operate CVPL as a joint venture company and regulate the terms and conditions of the commercial understanding with respect to the management and governance of the CVPL to develop its business in accordance with the terms thereof," it added.

The acquisition will be completed by October 31, 2024 for an aggregate consideration of Rs 200 crore.

Cococart Ventures is engaged in the business of buying, selling, labelling, relabeling, reselling, importing, exporting, transporting, storing, promoting, marketing or supplying, trading, dealing in any manner whatsoever in all type of goods on retail as well as wholesale basis or to run café in India or elsewhere.

Turnover of CVPL for the last three years was at Rs 99.63 crore (in financial year 2022-23 FY23), Rs 51.61 crore (FY22) and Rs 6.89 crore (FY21).

The announcement came post market hours today. Earlier in the day, Adani Ent shares settled 0.32 per cent higher at Rs 3,131.15 on BSE.