In a deal that could mark a first for an Indian conglomerate, Mahindra Partners, the emerging business arm of the diversified conglomerate Mahindra Group, is in talks to acquire online portal BabyOye, according to multiple sources privy to the negotiations.
“Due diligence is on. Mahindra Partners is looking to buyBabyoye through its retail business Mahindra Retail,” said one person directly involved in the deal. “There are significant synergies between Mom & Me and Babyoye. It will prove to be the online platform that Mom & Me has been looking for to expand its sales.” A second source said theMahindra Group is in the final phase of due diligence. ET could not ascertain the value of the proposed deal.
The Mahindra Group, a $17 billion conglomerate that is present in sectors ranging from automobiles to IT services, already owns a chain of baby-care stores and industry sources say it could view the acquisition of an online portal as a complement to its existing network.