New Delhi, Jul 22 (PTI) Value fashion retailer V-Mart Retail Ltd on Thursday announced the acquisition of the 'Unlimited' retail chain from Arvind Fashions Ltd (AFL).

V-Mart Retail has signed definitive agreements to acquire all of the existing running stores of ‘Unlimited' from Arvind Lifestyle Brands Ltd (ALBL), a wholly-owned subsidiary of AFL, a joint statement said.

"This acquisition enables V-Mart to establish a quick and wide footprint in southern and western India, thus debuting its presence in these untapped markets," the statement said.

Unlimited operates a chain of 74 value fashion retail stores across South and West India and retails fashion apparel and accessories for men, women and children at affordable prices.

"As part of the transaction, V-Mart will acquire the assets of all stores, warehouse, inventory as well as the store brand ‘Unlimited'at their book value, with an estimated outlay of about Rs 150 Cr at closing, and certain contingent payments based on certain milestones achieved in these stores over next few years, post the acquisition," it said.

Through this deal, V-Mart will be debuting in South India.

Commenting on the development, V-Mart Retail Chairman & Managing Director Lalit Agarwal said, "With this acquisition, we will have another 74 stores in our portfolio for catering to the fashion needs of families in the southern and western markets of India. At V-Mart we have been opening around 50 stores every year, and look forward to maintaining this growth trajectory in the times to come."

AFL CEO Shailesh Chaturvedi said, "This would help us put capital behind growing our six focus brands, helping generate significant shareholder value." Founded in 2002, V-Mart primarily focuses on Tier II and Ill cities.

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