26 July 2024
Bismi, which has 30 big format stores in the state with a combination of electronic and hypermarket formats, is about to be acquired by Reliance Retail, one of Kerala's top electronics and grocery retail chains. According to two senior industry executives who are involved in the negotiations, Reliance is nearing the end of its due diligence process and the acquisition will probably be finalised before Diwali.
Entrepreneur VA Ajmal, who owns and operates Bismi under family control, serves as the company's managing director. The business makes about 800 crore in revenue. Reliance Retail is currently in negotiations on the valuation, which could eventually be lower, while the Ajmals are asking for a price of approximately 600 crore.
The majority of Bismi's 30 locations are combined formats of electronic shops and supermarkets that range in size from 30,000 to 40,000 square feet (sq ft), but a small number are standalone outlets with single formats that are up to 10,000 sq ft in size. The transaction will offer Reliance a stronger foothold in the industry because contemporary retail is widely adopted in the South.
