Brother of Indian descent buys company in UK, deal worth about 65 thousand crores

14

Indian businessmen brothers Mohsin and Zubair will buy British Supermart ASDE from American company Walmart. This deal is expected to be about 65 thousand crores ($8.8 billion). The parents of the Isa brothers had migrated to Britain from Gujarat in 1970. Both brothers are also owners of Euro Garage, a well-known chain of petrol pumps in Great Britain. The management of this 71-year-old supermarket chain will be returned to Great Britain after 21 years. Indian minister Rishi Sunak called it a very happy moment. Sunak Infosys co-founder N. Narayan is the son-in-law of Murthy. Issa Bhai buys this supermarket in partnership with TDR Capital.

Britain’s Chancellor of the Exchequer Rishi Sunak welcomed the move, tweeting: “After nearly two decades, British owners will once again have majority ownership in Asda. I wish them all the best. Sunak said Asda’s new owners have pledged £££ over the next three years. Investing 1 billion in the company and increasing their share of the UK-based supplies “I wish them all the best in this.”

Walmart gave details of the deal, saying that Asda will keep its headquarters in Leeds, northern England, and that the company’s CEO, Roger Burnley, will continue to lead the company. The brothers Isa say in a statement that they are pleased to invest in Asda. This is a well-known British company that we have admired for years.