Tata, Reliance, DMart in talks to acquire 24Seven from Godfrey Phillips

Godfrey Phillips, backed by the KK Modi group, is in discussions with Tata Trent, Reliance Retail, and Avenue Supermarts for a potential sale of its retail grocery chain, 24Seven, The Economic Times (ET) reported. The outcome of the talks will depend on the valuation, the business daily said, citing sources.The leadership of the (Modi) group had started discussions with entities that showed clear synergies and these are said to be currently ongoing, at different stages. In an exchange filing on April 12, Godfrey Phillips India had disclosed its plan to divest of the loss-making 24Seven convenience chain after a thorough review of its retail business division.Established in 2005, 24Seven has 145 stores operating across the Delhi-National Capital Region (NCR), Punjab, and Hyderabad. These provide a range of grocery items, staples, snacks, beverages, products of the Modi group's Colorbar beauty brand, and personal care products. They has sell ready-to-eat food items in some larger format outlets. Given the growth potential in the grocery retail sector, the 24Seven model could be expanded to encompass hyper-convenience grocery, staples, general merchandise, and even small in-store cafes, despite the company's current accumulated losses, the ET report said, citing another official.