Vikas Lifecare acquires 30% stake in Ardh Sainik Canteens - Details to know

Vikas Lifecare in an attempt to extend its retail footprint at a pan-India level has acquired a 30 per cent  stake in 'Ardh Sainik Canteens' from its existing shareholders in an all cash deal. According to a company statement, the deal is valued at Rs 150 million (Rs 15 crore) and Vikas Lifecare will own 30 percent stake in form 30,000 equity shares of the company. The deal is likely to be executed completely by March 28, 2023.

"The company has been eyeing a space for itself in the retail market segment, including e-commerce for the consumer products including the agro products business segment expanding exponentially during the recent 12-18 months," an official statement said.

New Delhi-based Abhhyam Services Private Limited has a 100 per cent subsidiary named 'Ardh Sainik Services Private Limited' with incorporation date as 16 August 2016.

Ardh Sainik Canteen Stores (ASC) is a concept for a chain of retail stores being operated by the retired paramilitary personnels or the family members of existing jawans at their hometowns.

The Present network of ASC comprises 600 Running Canteens, more than 140 Vendor Partners, 12 Running Depots and over 4500 Canteen requests in process.

They provide products from various segments including groceries, personal care, fashion, stationery, electronics and home care products marking their presence is over 150 tehsils across India and aims to expand to 5,600 tehsils in coming months.