VCCircle

Mumbai-based Wadhawan Food Retail Ltd (WFRL), which runs Spinach brand of convenience stores in the city, plans to list next year to raise Rs 500 to 1,000 crore, reports NDTV Profit. The promoters could dilute 5-10 per cent stake in the company in the IPO, which is expected in the next 12 to 18 months. Wadhawan Retail is part of the Mumbai based housing lender Dewan Housing Finance Corporation. Dewan holds 20 per cent stake in the retail venture.
WFRL operates more than 90 food and grocery stores and six home decor stores across India. It has committed a Rs 500 crore investment for its foray into lifestyle retail stores. WFRL had got into a slew of alliances and M&As. The company has taken up contract management for 17 Maratha stores, a chain of cooperative stores in Mumbai.
The company had acquired North India's Sabka Bazaar and Home Store retail chains for about Rs 100 crore. It has also acquired Bangalore's SMart and its 14 stores. All of them will be branded under Spinach. The company had also bought out Sangam Direct, the direct selling arm of Hindustan Unilever. Now the group is said to be in talks with international retailers for a foray into cash and carry segment as well.