Godfrey Phillips India, a major player in the tobacco industry and part of the KK Modi Group, has announced its decision to exit its retail business division, 24Seven, with an expected exit valuation ranging between Rs 700 crore to Rs 1,000 crore. This move comes after a thorough review of the division’s performance and market conditions, and in response to stakeholder feedback.
Source:- news 18
24Seven, which operates around 150 stores offering a variety of products such as groceries, prepared meals, personal care items, and services like bill payments and courier services, has been a loss-making venture for the company. In FY23, 24Seven contributed Rs 396 crore to the company’s total revenue, but the division had a negative net worth due to accumulated losses (Business Insider India) (Retail Insight Network).
Source:- India today
This strategic exit aims to align Godfrey Phillips India’s focus more closely with its core businesses. As part of the process, Godfrey Phillips is reportedly in talks with potential buyers including Tata Trent, Reliance Retail, and Avenue Supermarts (DMart), which could facilitate a smoother transition for 24Seven’s operations and potentially secure a better valuation within the projected range (Business Insider India).
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