{"id":4412,"date":"2016-10-20T09:13:10","date_gmt":"2016-10-20T09:13:10","guid":{"rendered":"http:\/\/www.franchisemart.in\/franchise\/?p=4412"},"modified":"2016-10-20T11:24:46","modified_gmt":"2016-10-20T11:24:46","slug":"mahindra-mahindra-sells-franchise-business-firstcry","status":"publish","type":"post","link":"https:\/\/www.franchisemart.in\/franchise\/mahindra-mahindra-sells-franchise-business-firstcry\/","title":{"rendered":"Mahindra Mahindra sells its franchise business to FirstCry"},"content":{"rendered":"

\"firstcry\"<\/a>

firstcry<\/p><\/div>Breaking News India<\/a><\/strong>, Franchise News India<\/a><\/strong>,Mahindra Mahindra sells its franchise business<\/a><\/strong> to FirstCry, Mumbai<\/a><\/strong>, Oct 15 (IANS) Mahindra & Mahindra (M&M) on Saturday said it would sell its franchise <\/a><\/strong>business to FirstCry for Rs 362.1 crore on a slump sale basis.<\/p>\n

\u201cA business transfer agreement has been executed by and between Mahindra Retail Pvt Ltd (MRPL), a subsidiary of the company, BrainBees Solutions Private Ltd and founder of FirstCry <\/a><\/strong>to transfer the franchise division of MRPL (BabyOye) as a going concern on a slump sale basis to FirstCry,\u201d the company said in a filing to BSE.<\/p>\n

\u201cThe total lump sum consideration for the transfer of the business is Rs 362.1 crore,\u201d the filing said.<\/p>\n

\u201cIn terms of the structure of the transaction, two companies have consolidated their operations, with Mahindra Retail selling its franchise business to FirstCry, and operating all company stores under a FirstCry master franchise<\/a><\/strong> agreement,\u201d the company said in a statement.<\/p>\n

The Board of Directors of the two companies have already approved this strategic move.<\/p>\n

The baby and kids focused Omni channel player additionally raised $34 million of new equity capital from the Mahindra Group, PE fund Adveq, Kris Gopalakrishnan and participation from all existing shareholders, it said.<\/p>\n

\u201cThe merged entity will conduct its business under the brand name FirstCry.com \u2013 A FirstCry Mahindra Venture. It will have a parent base of over 4 million, a footprint of over 300 stores spread across 125 cities,\u201d the statement said.
\n
<\/br>
\nRelated Post:<\/strong><\/p>\n

1. Laziz Pizza Plans To Open more outlets in india by 2017<\/a><\/p>\n

2. EagleRider Opens First franchise in delhi india<\/a><\/p>\n

3. American brand Genuine Broaster Chicken Opened first franchise in mumbai<\/a><\/p>\n

4. Coffee Culture tied up with franchise mart for more Expansion<\/a><\/p>\n

5. Patanjali set to enter the dairy business in india<\/a>
\n
<\/br><\/p>\n