Integra Essentia signs MoU to acquire substantial stake in On Door Concepts; Stock gains 4.9%

25 Nov 2022 , 09:21 AM

Integra Essentia Limited has announced that the company have entered into Memorandum of Understanding (MoU) to acquire substantial stake in On Door Concepts Private Limited, a company engaged in the business of multi brand retail stores.

The targeted transaction is in line with the Integra’s business strategy to expand its retail presence by organic and/or inorganic routes, and is subject to due diligence and compliance of certain other terms.

As per the filing, India's retail sector is expected to touch US$ 1.5 trillion by 2030 from US$ 0.8 trillion in 2020 and Integra Essentia is aligning its long-term business strategy with the growth prospects of the rising Retail Industry.

Targeted addition of On Door retail chain stores will strengthen Integra's domestic leadership position life essentials business, and builds upon its successful forward integration of retail chain of store business of On Door Concepts into Integra portfolio of Business.

Ondoor Concepts was incorporated with a mission to take modern retail to upcountry towns and villages of India by harnessing the energies of thousands of local entrepreneurs by tapping this huge opportunity with innovations, technology and unified logistics platform.

Ondoor Concept is a tech, logistics and marketing platform to open FOFO stores across the country, which provide store management and other expertise to the first-time entrepreneurs or existing kirana stores owners already present in unorganised sector with clear objectives of rapidly build scale and bring down the investments with the local entrepreneurs' participation.

Ondoor is like Mini D’Mart of small towns which has already gone deeper into tier 3, 4, 5 towns to be the first mover with Modern Trade benefits. Presently Ondoor is operating 100+ Stores in 45 cities/towns.

At around 9:17 AM, Integra Essentia was trading at Rs8.35 per share higher by 4.90% on the BSE.

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