Trent on Tuesday acquired 76 per cent stake in books and music retailer Landmark and its subsidiary firms for Rs 103.6 crore (Rs 1.03 billion).
"We are happy to be partnering in the growth strategy of Landmark. It has one of the finest retail concepts in India, and we see significant synergies in the partnership," Noel Tata, MD, Trent, said.
"This partnership would help us to achieve expansion targets over the next few years," Hemu Ramiah, CEO of Landmark, said.
Ramiah would continue to hold the balance 24
per cent in Landmark, an official statement said.
Trent, a Tata group company, is a retailer with two formats - Westside and Star India Bazaar. While Westside has a national presence with 18 stores, Star India Bazaar launched its first hypermarket recently in Ahmedabad.
Landmark has four stores, and operates through a joint venture with Emami in Kolkata. The company plans to expand from the current five stores to 15 stores in three years.
