Adani Group’s leading company Adani Enterprises'(NSE: ADANIENT) joint venture-April Moon Retail has made a big deal.
April Moon Retail has purchased 74% of Cococart Ventures for Rs 200 crore. Adani Enterprises has disclosed this information in the stock exchange filing.
Meanwhile, Adani Enterprises shares closed marginally higher at Rs 3131.15.
Table of Contents
What Did Adani’s Company Say?
Adani Enterprises said they wish to notify you that April Moon Retail Private Limited (AMRPL) which is a joint venture company with Adani Airport Holdings Limited (AAHL) has entered into a Share purchase agreement.
The Joint Venture Agreement, and Share Subscription Agreement dated September 27th, 2024 with the company and its current shareholders Karan Ahuja and Arjun Ahuja to purchase the shares of Cococart Ventures.
This will allow the company to purchase a 74% share in Cococart Ventures. The acquisition of an amount of 200 crore is expected to be completed by the end of October 2024.
About Cococart Ventures
Cococart Ventures operates in the field of purchasing, selling, labeling, relabeling, reselling and exporting, transporting, storage marketing, and promoting or supplying products in wholesale and retail.
The company’s turnover over the past three years was around Rs 99.63 crore (in FY23), Rs 51.61 crore (FY22) and Rs 6.89 crore (FY21).
Announcement Of New Company
Recently Adani Enterprises Limited has announced a wholly-owned subsidiary. This company offers consulting services for management and business.
Recently, the company said in an exchange filing that a subsidiary named Adani GCC Private was incorporated on September 24 and its certificate was received on September 25.
Adani GCC is registered in Ahmedabad as a back office and business transformation solutions.
This includes services related to finance, accounts HR, IT services Digital transformation, and the processing of data entry.
Quick Fact
| Company name | Adani Enterprises |
|---|---|
| Major Deal | 74% purchase of Cococart Ventures |
| Purchase Amount | ₹200 crore |
| Joint Venture Partner | Adani Airport Holdings |
| Target Company | Cococart Ventures |
| Agreement Date | September 27, 2024 |
| Completion Expected | End of October 2024 |
| New Subsidiary | Adani GCC Private |
| Subsidiary Registration Date | September 24, 2024 |
| Subsidiary Certification Date | September 25, 2024 |
| Subsidiary Service Areas | Consulting for management and business |
| Subsidiary Functions | Finance, accounts, HR, IT, digital transformation, data entry |
Company name | Cococart Ventures
| Company name | Cococart Ventures |
|---|---|
| Operations | Purchasing, selling, labeling, reselling, exporting, storage, marketing |
| Turnover FY23 | ₹99.63 crore |
| Turnover FY22 | ₹51.61 crore |
| Turnover FY21 | ₹6.89 crore |
Disclaimer: The website and its content are for informational purposes only and should not be considered investment advice.
