For consideration of Rs 152.5 crore
Reliance Retail Ventures, a subsidiary of Reliance Industries has acquired 786191 equity shares representing 100% of the equity share capital of Shri Kannan Departmental Store for a consideration of Rs 152.5 crore.SKDS incorporated on September 15 1999 is engaged in the business of retailing fruits & vegetables dairy staples home & personal care and general merchandise to consumers. SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 6 lakh sq. ft.
SKDS reported revenue from operations of Rs 415 crore, Rs 450 crore and Rs 481 crore and Net Profit of Rs 2 crore, Rs 3 crore and Rs 4 crore in FY2018-19, FY2017-18 and FY2016-17 respectively.
The aforesaid investment will further strengthen the groups retail operations and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives.
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