Indian origin businessman brothers Mohsin and Zuber will buy Britain’s supermarket ASDE from American company Walmart. This deal is expected to be done for around 65 thousand crores (8.8 billion dollars). The parents of the Isa brothers went to Britain from Gujarat in 1970. Both brothers are also the owners of Euro Garage, a famous chain of petrol pumps in Britain. The command of this 71-year-old supermarket chain will again come in the hands of Britain after 21 years. Indian origin minister Rishi Sunak has called it a very happy moment. It is worth noting that Sunak is the son-in-law of Infosys co-founder N. Narayan Murthy. The Isa brothers are buying this supermarket in association with TDR Capital.
Welcoming this, UK Finance Minister Rishi Sunak tweeted, “After almost two decades, Asda will once again have a majority stake in British owners. I wish them all the best.” Sunak said that Asda’s new owners have committed to invest one billion British pounds in the company over the next three years and have also said to increase the share of UK-based supply, “I wish them all the best for this.”
Great to see @asda returning to majority UK ownership for the first time in two decades today.
The new owners have already committed to investing over £1 billion in the next three years and increasing the proportion of UK-based suppliers. I wish them the best of luck. https://t.co/rCQwzILzJ9
Announcing the deal, Walmart said Asda will retain its headquarters in Leeds in northern England and the company’s chief executive Roger Burnley will continue to lead the company. The Essa brothers said in a statement that they are happy to invest in Asda. It is a renowned British business that we have admired for years.