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CX Partners to buy stake in Biba
Posted On: 27-08-2013 05:05:27 AM

As per a report in Economic Times, Private equity fund CX Partners is in the final stage of negotiations to purchase Future Ventures' 28.3% stake in Biba Apparels Pvt. Ltd for Rs 300 crore. Future Ventures is reported to have invested about Rs 40 crore in Biba India in 2008 for the 28.3% stake.

Biba Apparels, which reported more than Rs 300 crore revenues as on March 31, 2013, is being at valued more than Rs 900 crore which is 10-12 times its earnings before interest, depreciation, tax and amortization or EBIDTA.

Founded in 1986 as a boutique by Meena Bindra, the business flourished under her sons Siddharth and Sanjay Bindra, and is now present in more than 100 standalone stores in the country. The brand is also available at multi-brand retail stores. A few years earlier Sanjay Bindra exited the company to launch his own competing brand “Seven East.” Last year, Biba Apparels formed a joint venture with fashion designer Manish Arora to market his premium ethnic wear brand 'Indian'. Biba owns 51% stake in the venture. Separately the company is working on launching a value brand in the Indian market.

 
 
 

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