GSS Infotech Limited, a listed IT company, will acquire ‘farm-to-store’ retail chain Polimeraas valued at ₹250 crore in a cash and stock deal.
The board of GSS Infotech has approved the proposal to acquire Polimeraas, which has 75 stores in Hyderabad and Bengaluru.
“The merger of Polimeraas Agros with GSS Infotech will be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities,” said Bhargav Marepally, Chief Executive Officer of GSS Infotech.
“Business-to-consumer e-commerce opportunities leveraging core technology strength has always been an integral part of GSS’s inorganic growth strategy to drive growth,” he said.
“This is the most logical step to take bearing in mind the explosive growth we are going to see for e-commerce, especially for online and hyper local business,” Marepally added.
The Hyderabad-based Polimeraas sells agricultural products, fully processed and semi processed food and other home consumables.
GSS Infotech plans to expand the Polimeraas network to over 100 stores, besides launching online fulfilment using mobile applications.