Suumaya Industries picks up stake in Nysaa Retail for Rs.5-Cr

Mumbai-based ethnic apparel manufacturer Suumaya Industries has picked up a minority stake in Nysaa Retail Pvt Ltd, which runs the value retailing chain 1-India Family Mart, for about INR 5 crore. Suumaya has purchased a 1% stake in 1-India Family Mart. The deal offers Suumaya access to 1-India Family Mart's more than 100 outlets, mostly in tier-3 and tier-4 cities. 1-India Family Mart is backed by private equity firm Carpediem Capital and the value retailer sells apparel, kitchenware, footwear, home products and other items in their outlets.