What’s the buzz around the Bloomsberg Markets?
Bloersberg Markets, the largest Indian grocery store chain, announced on Tuesday that it had closed its doors on January 18, 2017, as it seeks to consolidate operations with a spin-off.
Bloersburg Markets, which had a turnover of Rs. 6,500 crore ($1.7 billion), had been selling grocery stores to a consortium of companies including the world’s largest online grocery retailer Amazon.com.
Bloesberg, which has stores in Delhi, Ahmedabad and Chennai, had been planning to sell its groceries business to its spin-offs in the next two years.
However, Bloeredgmarkets has received a final approval from the government for the sale of the entire grocery business, with an estimated turnover of over Rs. 5,000 crore.
Bloesbergs parent company, Jio, had said in January that the sale would not affect the business as it had already invested in the grocery business.
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