Jubilant Industries Hits Record High; Aditya Birla Acquires Retail Arm

Jubilant Industries on Tuesday hit a record high of Rs 163.90, rising as much as 10 per cent in an otherwise weak market, after the company informed the stock exchanges that its wholly-owned subsidiary has agreed to transfer its retail hypermarket business to Aditya Birla Retail.


Jubilant Industries has informed BSE that "Jubilant Agri and Consumer Products Limited, a wholly owned subsidiary of Jubilant Industries Limited, has agreed to transfer its retail hypermarket business undertaking consisting inter alia of 4 hypermarket stores in Bengaluru, India along with certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, as a "going concern" to Aditya Birla Retail Limited".


The transaction is expected to be completed within four months, subject to the necessary statutory, regulatory and other approvals, including approval of the Competition Commission of India and the shareholders of the company, Jubilant Industries added.


Shares of Jubilant Industries ended 10 per cent higher at Rs 163.90 apiece against 2.38 per cent fall in the broader Nifty.