38.6c New Delhi, India, Tuesday, June 25, 2024
Business

Alibaba to Buy Controlling Stake in Hypermarket Chain Sun Art in $3.6 Billion Deal

By Parul Singhal      20 October, 2020 05:30 PM      0 Comments
Alibaba to Buy Controlling Stake in Hypermarket Chain Sun Art in $3.6 Billion Deal

Alibaba Group Holdings said on Monday (19th October 19, 2020) that it will invest $3.6 billion to boost its stake in hypermarket operator Sun Art Retail Group Ltd to gain further ground in China’s booming retail market. 

Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in Sun Art Retail Holdings, who owns 51% of Sun Art. 

Alibaba Chairman and CEO Daniel Zhang said in a statement, “As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations; this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience”. 

The e-commerce giant is hoping to further leverage its digital presence to support Sun Art’s 481 hypermarkets and three mid-size supermarkets in China as the coronavirus pandemic accelerates the shift by customers online. 

Alibaba already owned 21 percent of Sun Art through a unit, will now raise its stake to around 72 percent through the acquisition of a similar stake in ART Retail Holdings, who owns 51 percent of Sun Art. 

Alibaba further added that Peter Huang would be appointed chairman of Sun Art on top of his current role as Chief Executive Officer. 



Share this article:



Leave a feedback about this
TRENDING NEWS

kejriwal-moves-sc-against-delhi-hc-order-blocking-his-release-in-liquor-policy-case-plea-seeking-urgent-hearing-likely-to-be-mentioned-today
Trending Judiciary
Kejriwal moves SC against Delhi HC order blocking his release in Liquor Policy case; plea seeking urgent hearing likely to be mentioned today

Kejriwal moves SC against Delhi HC order halting his bail in liquor policy case; urgent hearing plea likely to be mentioned today.

24 June, 2024 10:47 AM
uapa-tribunal-confirms-ban-upon-two-jk-outfits
Trending Executive
UAPA Tribunal confirms ban upon two J&K outfits

UAPA Tribunal confirms ban on ‘Muslim League J&K’ and ‘Tehreek-e-Hurriyat J&K’ for secessionist activities under Section 3(1) of the anti-terror law.

24 June, 2024 11:10 AM

TOP STORIES

mk-stalin-urges-amit-shah-to-withdraw-new-criminal-laws
Trending Executive
MK Stalin Urges Amit Shah to Withdraw New Criminal Laws

Tamil Nadu CM Stalin urges Home Minister Amit Shah to withdraw new criminal laws, citing lack of consultation and fundamental errors in the enactments.

19 June, 2024 11:16 AM
calcutta-hc-mandates-reservation-for-transgenders-in-west-bengal-public-employment
Trending Judiciary
Calcutta HC mandates 1% reservation for transgenders in West Bengal Public Employment [Read Order]

Calcutta HC directs 1% reservation for transgenders in West Bengal public employment, ensuring equal opportunities and implementing Supreme Court’s 2014 mandate.

19 June, 2024 11:33 AM
supreme-court-to-organise-special-lok-adalat-from-july-to-aug-to-mark-its-th-anniversary
Trending Judiciary
Supreme Court to organise Special Lok Adalat from July 29 to Aug 03, to mark its 75th anniversary [Read Press Release]

Supreme Court to organize Special Lok Adalat from July 29 to August 03 to facilitate amicable settlements of pending cases, marking its 75th anniversary.

19 June, 2024 11:50 AM
post-office-act-comes-into-force-repeals-year-old-legislation
Trending News Updates
Post Office Act 2023 comes into force, repeals 125 year old legislation [Read New Post Office Act]

India enacts the Post Office Act 2023, replacing the 125-year-old Indian Post Office Act of 1898, to modernize and regulate postal services.

19 June, 2024 12:29 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email