Karuturi Global to buy 54% in Mumbai firm

Karuturi Global Ltd said on Tuesday it will buy a 54% stake in Mumbai-based Florista, which has a chain of floral designing boutique stores across India.                                         

Karuturi, which produces cut roses, is planning to merge its retail business, Xpress, with Florista, which currently has 15 stores in India, it said in a statement to the Bombay Stock Exchange. 

The firm intends to aggressively grow its retail network in India to over 100 stores in two years. Its revenues after this acquisition are expected to "improve substantially," it added.