Chennai headquartered TVS Capital has bought a 25% stake in Tata-owned bookstore chain Landmark, report CNBC-TV18’s Divya Rajagopal and Komal Chowdhary.
TVS Capital's private equity arm TVS Shriram has opened its cheque book and bought a 25% stake in Trent-owned bookstore chain Landmark for Rs 65 crore. This is the fund's first big deal and its second since its inception two years ago.
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Gopal Srinivasan, Chairman, TVS Capital Fund, says, ”From the beginning our approach has been that we have been very focused on our core thesis, which is to do, consumer driven opportunity and specialty retail was one area we looked at. We always focused on that as it represents the new India, modern large format retailing, very specialized in books and gifts.”
Landmark, which currently has 13 large-format stores across 9 cities, will use the money to open more stores across the country. The retail chain is aiming to open 4 large format stores in this year.
Landmark is valued at approximately Rs 260 crore and TVS Capital is looking at an exit period of three years. Even though the retail sector seems to be struggling, TVS Capital is confident that this deal will become a ‘Landmark’ of sorts.
Source: Money Control