India's Spencer's Retail Ltd., part of RP Sanjiv Goenka Group, said May 17 that its board of directors approved the acquisition of a 100% stake in premium food retailer Natures Basket Ltd. from Godrej Industries Ltd. for an undisclosed amount.

The transaction is subject to the approval of both companies' shareholders.

Founded in 2005, Nature's Basket specializes in gourmet products retail through a neighborhood convenience store format.

"Nature's Basket will make Spencer's a truly national player, giving it access to the West of India through its 36 stores in Mumbai, Pune and Bangalore. These stores are located in prime residential locations, have a high sales throughput per square feet, and will add 363 crores of top line to the Spencer's portfolio," said Shashwat Goenka, RP Sanjiv Goenka Group sector head for retail and FMCG.

Godrej Group said the sale to a retail-focused company would be in the best interest of Nature's Basket.

"[W]e realized that to further unlock the immense potential of this brand and to grow it to even greater heights, we need to pass on the torch to owners who have prioritized retail in their portfolio strategy and have the relevant ecosystems to take the business to the next level," said Tanya Dubash, executive director and chief brand officer of Godrej Group.