November 2020 \ Business & Investment \ BUSINESS—FLIPKART

Flipkart invests Rs 1,500 crore in Aditya Birla Fashion

Kumar Mangalam Birla, Chairman Aditya Birla Group said: “This partnership is an emphatic endorsement of the growth potential of India. It also reflects our strong conviction in the future of the apparel industry in India, which is poised to touch $100 billion in the next 5 years.”

He said that fashion retail in India is set for robust long-term growth due to strong fundamentals of a large and growing middle class, favourable demographics, rising disposable incomes and aspiration for brands. This partnership is a critical component of that strategy, Birla added. The transaction is subject to regulatory approvals.

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