Metavisio-Thomson to buy stake in New Shop after $150 million deal

17 Sep 2024 CW Team

The Indian unit of French consumer technology company Metavisio-Thomson, known for selling affordable TVs, notebook computers, and tablets under the Thomson brand, is acquiring a minority stake in the convenience retail chain New Shop. This move follows a strategic distribution deal between Metavisio-Thomson and New Shop, aimed at jointly establishing 120 flagship stores in India's tier-2 and tier-3 markets.

The deal, valued between $125 million and $150 million, is part of Metavisio-Thomson's broader push into India's rapidly growing hinterland markets. Last week, when the distribution deal was announced, Metavisio-Thomson hinted at major upcoming announcements. The partnership will see New Shop retail Thomson products across 35 cities in 18 states.

New Shop is also in the process of acquiring the 24Seven grocery and convenience retail chain, previously owned by Godfrey Phillips. This acquisition follows Godfrey Phillips' exit from the retail business last month, which involved 90 full-format outlets and 40 kiosks of 24Seven. Founded in 2019 by Aastha and Charak Almast with Mani Dev Gyawali, New Shop operates 160 stores across 35 cities, offering grocery staples, snacks, personal care, pet food, hygiene products, and over-the-counter medicines.

Aastha Almast, Co-founder and CEO, New Shop, declined to comment on Metavisio-Thomson's stake acquisition. However, she highlighted the partnership's impact, stating, "We are serving 3 million customers monthly, and this partnership expands both our product portfolio and presence."

The partnership aims to reach 2,000 points of sale within three years, with the first retail store openings slated for October. The distribution deal will ensure that all acquired stores sell grocery items and Thomson's notebooks, televisions, and tablets. (ET)

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..