PRESS: Surya Group, Reliance seek to buy stake in Detsky Mir

MOSCOW, Nov 15 (PRIME) -- Surya Group, developing Superdry stores in Russia, and Indian holding Reliance Industries seek to buy Russian multi-industry holding Sistema’s stake in children goods retailer Detsky Mir, Kommersant business daily reported Friday citing source familiar with discussion of the deal.

The deal is estimated at up to 42 billion rubles and could be partially financed by top lender Sberbank.

Surya Group develops stores of the U.K. brand Superdry in Russia and controls Jeans Symphony chain. A source close to Sistema confirmed that the corporation’s executives held preliminary talks with the president of Surya Group. The source said Surya Group and Reliance want to make Detsky Mir a global player and bring the chain first of all to India.

Sistema’s major owner Vladimir Yevtushenkov said in November 2018 that the holding had reached a principal agreement to sell the controlling stake in Detsky Mir and the deal could take place in early 2019. But in February of this year, he said that Sistema may not sell the stake, as Detsky Mir develops well. In September, he said the holding had no plans to sell the stake.

(64.2101 rubles – U.S. $1)

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