Arvind Lifestyle Brands receives Rs 260 crore from Flipkart for minority stake in group firm, Retail News, ET Retail

Arvind Fashions (AFL) on Tuesday mentioned its subsidiary Arvind Way of life Manufacturers has obtained Rs 260 crore from Flipkart India to select a minority stake in another group company Arvind Youth Manufacturers. Arvind Youth Manufacturers is Arvind Fashions’ lately-fashioned subsidiary which will very own the Traveling Device brand name.

“…Right after completion of the customary situations precedent, Arvind Way of life Manufacturers Ltd, a subsidiary of the firm, obtained Rs 260 crore from Flipkart India as thought for the sale of a significant minority stake in Arvind Youth Manufacturers, another subsidiary of the firm,” Arvind Fashions mentioned in a BSE submitting.

Previously this month, Arvind Fashions had educated exchanges that Flipkart Group had invested Rs 260 crore to select a minority stake in its subsidiary Arvind Youth Manufacturers.

Traveling Device has been retailing on the group’s platforms of Flipkart and Myntra for a lot more than 6 decades.