Brother of Indian origin to buy company in UK, deal worth 65 thousand crores
Indian-origin businessman Mohsin and Jubeir will buy UK super mart ASDE from American company Walmort. The deal is expected to be around 65 thousand crores ($ 8.8 billion). His brothers' parents had moved to Britain from Gujarat in 1970. The two brothers also own Euro Garage, a renowned petrol pump chain in the UK. The 71-year-old super market chain will command the UK again after 21 years. Indian-origin minister Rishi Sunak has described it as a very happy moment. Significantly, Sunak Infosys co-founder N.K. Narayana is the son-in-law of Murthy. Issa Bhai is buying this super market together with TDR Capital.
Britain's Finance Minister Rishi Sunak welcomed it and tweeted, "After nearly two decades, British owners will again have a majority stake in Asda." I wish them all the best. Sunak said that the new owners of Asda have committed to invest one billion UK pounds during the next three years in the company, as well as to increase the UK-based share of supply, "I wish them all the best for this."
Giving details of the deal, Walmart said Asda would maintain its headquarters in Leeds, northern England, and the company's chief executive, Roger Burnley, would continue to lead the company. The Isa brothers said in a statement that they were happy to invest in Asda. This is a well-known British business which we have been praising for years.