Inditex to raise its stake in Zara joint venture in India

Makes 146-cr buyback offer

- VIVEAT SUSAN PINTO

SPANISH CLOTHING MAJOR Inditex is stepping up its India presence by acquiring additional stake in its joint venture with Trent for its Zara brand.

Sources in the know say that the shareholding of Inditex will likely touch 80% from 65% after the Spanish company made a ₹146-crore buyback offer last week. The Spanish company already has an 80% stake in its second JV with Trent for its Massimo Dutti brand. Both Trent and Inditex were not immediately available for comment.

On Friday, Trent had disclosed to the stock exchanges that it had received a buyback offer of ₹15,421.85 per share for 94,900 equity shares in Inditex Trent Retail India (ITRIPL), which runs the Zara business in the country, from the Spanish major. Trent has a 34.94% stake in the JV, while Inditex has a 65.06% stake in the firm.