Indian-origin billionaire brothers bid to buy UK supermarket chain

Vastavam web: Indian-origin billionaire brothers Mohsin and Zuber Issa are set to acquire a major stake from UK major Walmart as part of a consortium involving private firm FDR Capital following a UK $ 8.8 million deal with its US owner Walmart has been done. The Issa brothers, whose parents migrated to the UK from Gujarat in the 1970s, have a Euro garage chain of petrol stations as part of their EG Group business. “It is fantastic to see Asda returning to UK ownership for the first time in two decades,” Sunak said on Twitter.

“The new owners have committed to investing more than GBP 1 billion over the next three years and increasing the proportion of UK-based suppliers. I wish them all the best,” he said. “We are very proud to invest in Asda, a prestigious British business that has been admiring over the years. Asda’s customer-centric philosophy focuses on operational excellence and commitment to the communities in which it operates Those are the same values ​​that we have created. Easy Group On, “Mohsin and Zubeir Issa said in a statement.

The brothers, born in Blackburn in northwest England, promised support for the long-term development of the supermarket, as they praised the chain’s performance during the COVID-19 epidemic, and demonstrated the business’s “fundamental strength and resilience” did.