 "Reliance Retail acquires Shri Kannan Departmental Store for Rs 152.5 cr")
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL), has acquired Shri Kannan Departmental Store Private Limited (SKDS) for a consideration of Rs 152.5 crore
RRVL will acquire 7,86,191 equity shares representing 100 per cent of the equity share capital of SKDS, which was incorporated on September 15, 1999.
The company is engaged in the business of retailing fruits & vegetables, dairy, staples, home and personal care and general merchandise to consumers.
SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 600,000 sq. ft.
The company's revenue from operations stood at Rs 415 crore, Rs 450 crore and Rs 481 crore, while the net profit stood at Rs 2 crore, Rs 3 crore and Rs 4 crore in 2018-19, 2017-18 and 2016-17, respectively.
The aforesaid investment will further strengthen the group’s retail operations and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives. No governmental or regulatory approvals were required for the said investment, said RIL.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%