73rd Day Of Lockdown

Maharashtra77793336812710 Tamil Nadu2725614901223 Delhi250049898659 Gujarat18609126671155 Rajasthan98627104213 Uttar Pradesh92375439245 Madhya Pradesh87622772377 West Bengal68762768355 Bihar4452212028 Karnataka4320161057 Andhra Pradesh4112252971 Haryana3281112324 Telangana31471587105 Jammu and Kashmir3142104835 Odisha247814819 Punjab2415204347 Assam19894434 Kerala158969015 Uttarakhand115328610 Jharkhand7642975 Chhatisgarh6781892 Tripura6221730 Himachal Pradesh3691636 Chandigarh3022225 Goa126570 Manipur124110 Puducherry90330 Nagaland8000 Arunachal Pradesh3710 Meghalaya33131 Mizoram1710 Sikkim200
Business Companies 09 Sep 2018 Reliance buys 16.31 ...

Reliance buys 16.31 pc in Genesis Colors, acquires stake in 5 more cos

PTI
Published Sep 9, 2018, 4:32 pm IST
Updated Sep 9, 2018, 4:33 pm IST
Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Mukesh Ambani-led Reliance Industries.
Reliance Retail has purchased 16.31 per cent stake in readymade garment wholesaler and retailer Genesis Colors Ltd (GCL) for Rs 34.80 crore, Reliance Industries said on Sunday. (Photo: PTI)
 Reliance Retail has purchased 16.31 per cent stake in readymade garment wholesaler and retailer Genesis Colors Ltd (GCL) for Rs 34.80 crore, Reliance Industries said on Sunday. (Photo: PTI)

New Delhi: Reliance Retail has purchased 16.31 per cent stake in readymade garment wholesaler and retailer Genesis Colors Ltd (GCL) for Rs 34.80 crore, Reliance Industries said on Sunday.

Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Mukesh Ambani-led Reliance Industries. The stake buy by the group in GCL is in addition to 49.46 per cent stake already held by Reliance Brands, a subsidiary of RRVL. "... Reliance Retail Ventures Ltd (RRVL), a subsidiary of the company, has purchased 16.31 per cent equity holding in Genesis Colors Limited (GCL) for a consideration of Rs 34.80 crore," RIL said in a filing to the BSE.

 

The aggregate equity shareholding of RRVL and RBL in GCL stands at 65.77 per cent. This acquisition adds to the existing portfolio of branded fashion retail outlets, RIL said. Further, RRVL has also acquired stake in five more companies for an aggregate Rs 57.03 crore. These entities are engaged in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories.

RRVL bought 50 per cent stake each in GLF Lifestyle Brands and Genesis La Mode for Rs 38.45 crore and Rs 10.57 crore respectively. It also purchased 2.07 per cent in Genesis Luxury Fashion Pvt Ltd for Rs 3.37 crore, taking its holding in the company to 49.37 per cent. It acquired 50 per cent stake each in GML India Fashion and GLB Body Care for Rs 4.48 crore and Rs 16 lakh respectively.

"The acquisitions will help the company to strengthen its footage in the retail industry and support its long term strategy to enhance its value in the retail industry. "No regulatory approvals were required for the said acquisition of shares. These investments do not fall within related party transaction and none of RIL's promoter/promoter group/group companies have interest in these entities," RIL added.

Incorporated in November, 1998, GCL is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures. GCL's annual turnover in 2017-18 was Rs 86.02 crore. Its turnover stood at Rs 80.04 crore and Rs 114.16 crore in 2016-17 and 2015-16, respectively.

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT