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Reliance Brands raises stake in Future101 Design, Genesis Colors to 15%

Reliance said the acquisitions will help it to strengthen its foothold in the retail industry

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New Delhi: Reliance Industries Limited Chairman Mukesh Ambani addresses the 24th Annual International Conference on Mobile Computing and Networking (ACM Mobicom) 2018, in New Delhi, Tuesday, October 30, 2018. Photo: PTI

Press Trust of India New Delhi

Last Updated : Feb 08 2019 | 8:40 PM IST

Billionaire Mukesh Ambani-led Reliance Industries has raised its stake in luxury apparel firms Future101 Design and Genesis Colors to strengthen its foothold in the retail industry.

Reliance Brands Ltd (RBL), a unit of RIL, "has acquired a further stake of 2.5 per cent in Future101 Design Pvt Ltd on February 7, 2019, for a consideration of Rs 1.99 crore, taking its total stake in Future101 to 15 per cent," the company said in a regulatory filing.

Also, Reliance Retail Ventures Ltd (RRVL), a separate subsidiary of the company, acquired a further stake of 9.44 per cent in Genesis Colors Ltd (GCL), for