One of India’s largest fashion retailers, Aditya Birla Fashion and Retail Ltd (ABFRL), will acquire a 33 percent stake in Tahiliani’s luxury demi-couture business for 67 crore rupees (approximately $9.25 million) in an all-cash deal, with an option to increase this shareholding to 51 percent in the next few years.

As part of the deal, ABFRL and Tahiliani will form new entity and launch a contemporary men’s ethnic wear brand in which ABFRL will hold an 80 percent stake and Tahiliani will control the remaining 20 percent.

ABFRL said that it intends this tie-up with Tahiliani to grow into a 500 crore rupees ($69 million) business over the next five years with over 250 stores across India.

“This partnership is in line with our stated strategy to craft a portfolio of brands that address the entire gamut of ethnic wear segments: value, premium and luxury,” Ashish Dikshit, ABFRL’s managing director said in a statement.

In January, ABFRL also made waves in Indian luxury fashion circles with a 51 percent acquisition of designer Sabyasachi’s brand for 398 crore rupees ($55 million).