Woolworths has sold its Dick Smith electronics chain in Australia and its Indian wholesale venture for a combined AU$55m (£35.4m).

Private equity firm Anchorage Capital Partners was the winning bidder, paying an initial AU$20m (£12.9m).

Additionally, Woolworths will sell Woolworths Wholesale to Infiniti Retail – part of India’s Tata Group – for AU$35m (£22.5m).

“This divestment will allow us to be fully focused on the core parts of our business,” said Woolworths chief executive Grant O’Brien.