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Reliance buys additional stake in Future101, Genesis Colors

Press Trust of India  |  New Delhi 

Billionaire Ambani-led Industries has raised its stake in luxury apparel firms Design and Genesis Colors to strengthen its foothold in

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

Also, Retail Ventures Ltd (RRVL), a separate of the company, acquired a further stake of 9.44 per cent in (GCL), for Rs 45 crore taking its total stake in GCL to 29.07 per cent on the enhanced capital.

"Consequently, the stake of RBL in GCL shall be 43.66 per cent and the aggregate equity shareholding of RRVL and RBL in GCL stands at 72.73 per cent," it said.

Reliance said the acquisitions will help it to strengthen its foothold in the and support its long-term strategy to enhance its value in the industry.

No regulatory approvals were required for the acquisition of shares and the investment does not fall within related party transaction, it added.

The company had in July last year bought 12.5 per cent stake in Future101, which is engaged in manufacturing, distribution, and sale of luxury apparels in India, for Rs 9.50 crore.

Future101 reported an annual turnover of Rs 22.18 crore in 2017-18.

In September 2018, RRVL had acquired a 16.31 per cent stake in GCL, which owns fashion label Satya Paul, for Rs 34.80 crore. RRVL, through unit RBL, already held a 49.46 per cent stake in GCL.

That month, RRVL invested a total of Rs 57.03 crore in five other companies that sell branded readymade garments, bags, footwear, cosmetics and accessories.

It bought a 2.07 per cent stake in for Rs 3.37 crore, taking its holding in the company to 49.37 per cent. Genesis Luxury Fashion distributes premium brands such as Jimmy Choo, Armani, and

It also bought 50 per cent stake each in and for Rs 38.45 crore and Rs 10.57 crore, respectively.

Besides, it acquired 50 per cent each of GML Fashion Pvt Ltd and for Rs 4.48 crore and Rs 16 lakh, respectively.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 18:50 IST