ABFRL to buy 51% stake in W, Aurelia owner for ₹1,650 crore

Aditya Birla Fashion & Retail (ABFRL) on Friday said it will acquire a 51% stake in TCNS Clothing, the owner of ethnic brands W, Aurelia, Wishful, Folksong and Elleven, in a deal worth ₹1,650 crore. The deal will take place through acquisition of the founding promoter's stake through an SPA and a conditional public open offer, followed by a merger.