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The acquisition is in line with the company's objective of building a comprehensive fashion portfolio across consumer segments and price points, the company said in a statement.
As per the deal, it will acquire TCNS Clothing's founding promoter's stake through a share purchase agreement and a conditional public open offer followed by a merger between the two entities
The Aditya Birla group firm has entered into definitive agreements to acquire a 51 per cent stake in TCNS Clothing, which owns ethnic brands such as W, Aurelia, Wishful, Folksong and Elleven, said a joint statement