Vishal Retail to sign MoU with TPG

Debt-ridden Vishal Retail’s board has approved the terms of memorandum of understanding (MoU) with US-based private equity firm TPG in accordance with a debt restructuring programme approved by its lenders.

The company did not divulge the terms of the MoU or when or where the understanding was reached between it and the private equity player.

The terms of the MoU would be subject to negotiation and execution of definitive agreements or documents.

TPG has been linked with the troubled retailer for a possible stake purchase in the past as well.

The Delhi-based retailer has been undergoing a debt-restructuring exercise since November last year to make it eligible for fresh infusion of equity.