Avenue Supermarts Ltd, the parent company of the renowned D’Mart supermarket chain, continues to make headlines with its strategic expansions. In a recent development, the company has acquired a significant 52,000 sq ft land parcel in Chandivali, Andheri East, Mumbai, for a staggering ₹117 crore. This move underscores the company's commitment to further solidifying its presence in key markets.
According to documents accessed by CREMatrix, the agreement value for this acquisition stands at ₹117.25 crore, with Avenue Supermarts Ltd paying a stamp duty of ₹7.03 crore. The transaction, registered on May 6, 2024, marks a significant milestone for the company's growth trajectory.
The newly acquired land parcel hosts an industrial building comprising four units on the ground floor and an additional four units on the first floor. This strategic acquisition aligns with Avenue Supermarts Ltd's vision to enhance its infrastructure and offerings in Mumbai's bustling commercial landscape.
This isn't the first time Avenue Supermarts Ltd has made headlines for its strategic acquisitions. In September 2023, the company made waves by purchasing three floors of retail space in a prestigious 31-storey residential building in Kandivali West for ₹88.74 crore.
Founded by visionary entrepreneur Radhakishan Damani, Avenue Supermarts Ltd has witnessed remarkable growth since its inception. With its flagship brand DMart, the company revolutionized the retail landscape by offering quality products at competitive prices. From its humble beginnings in Powai in 2002, DMart has expanded to 333 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhatisgarh, National Capital Region, Tamil Nadu, Punjab, and Rajasthan.
Avenue Supermarts Ltd's expansion trajectory is nothing short of impressive. With an average of two new stores opening every month, the company is rapidly expanding its footprint across the country. Recent announcements regarding store openings in Akola (Maharashtra), Jodhpur (Rajasthan), Ahmedabad, and Morbi (Gujarat) highlight its ambitious growth agenda.
Despite the challenges posed by the COVID-19 pandemic, Avenue Supermarts Ltd remained steadfast in its growth objectives. In 2021 alone, the company acquired seven properties worth ₹400 crore, signaling its resilience and long-term vision.
Moreover, the company's leadership has demonstrated astute business acumen, as evidenced by the landmark property deal in February 2023. Family members and associates of D’Mart founder Radhakrishna Damani acquired 28 housing units worth ₹1,238 crore in Mumbai, making it one of the largest property transactions in the country. This strategic move further solidified Avenue Supermarts Ltd's position as a key player in the real estate landscape.
As Avenue Supermarts Ltd continues to expand its footprint and diversify its offerings, the company remains committed to delivering value to its customers and stakeholders alike. With a relentless focus on innovation and growth, Avenue Supermarts Ltd is poised to write the next chapter of success in India's retail industry.
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