Adani Enterprises to Enter Chocolate Business with 74% Stake in CocoCart Ventures, Deal Worth ₹200 Cr

Adani Group’s flagship company, Adani Enterprises, will acquire a 74% stake in the joint venture Kokocart Ventures Private Limited (CVPL). The company shared this information on Friday, September 27. April Moon Retail Private Limited (AMRPL), a joint venture of Adani Airport Holdings Limited (AAHL) and a step-down subsidiary of Adani Enterprises, will purchase this stake.

Deal Worth ₹200 Crores Through Share Purchase and Subscription Agreements

This acquisition, valued at ₹200 crores, will be executed through a share purchase and subscription agreement. The Share Purchase Agreement (SPA), Share Subscription Agreement (SSA), and Joint Venture Agreement (JVA) were signed on September 27, 2024.

Purchase of 36.96% Equity Stake Under the Share Purchase Agreement

As per the Share Purchase Agreement, April Moon Retail will buy 14,73,518 shares, representing a 36.96% equity stake in Kokocart Ventures. Under the Share Subscription Agreement, April Moon Retail will subscribe to 14,76,471 shares, equivalent to 37.04% of Kokocart Ventures’ equity. The deal is expected to be completed by October 31.

Adani Group to Expand Retail Business Through Acquisition

With this acquisition, Adani Group will expand its retail business. Adani Enterprises will enter the retail and food & beverage sectors through this move. Kokocart Ventures was established in September 2020 by Karan and Arjun Ahuja.

Kokocart Ventures Imports and Sells Chocolates From Abroad

Kokocart Ventures imports chocolates from abroad and sells them locally. The company also operates cafes across the country. Its turnover has seen rapid growth. In the financial year 2021, its turnover was ₹6.89 crores, which increased to ₹51.61 crores in the financial year 2022, and further to ₹99.63 crores in the financial year 2023.