Reliance Industries Ltd. – Announcement under Regulation 30 (LODR)-Updates on Acquisition

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Reliance Industries Ltd. - Announcement under Regulation 30 (LODR)-Updates on Acquisition

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This is to inform that Reliance Brands Limited, a subsidiary of the Company, has purchased an additional 22.18% equity stake in Genesis Colors Limited (GCL) for about Rs. 93.16 crore, taking its total stake in GCL to 33.83%.

GCL was incorporated in November, 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures. GCL belongs to a similar industry as Reliance Brands Limited. This acquisition will add to the existing portfolio of branded fashion retail outlets.

GCLs annual turnover in FY 2017-18 is Rs. 86.02 crore (provisional). GCL reported a turnover of Rs. 80.04 crore and Rs. 114.16 crore in FY 2016-17 and FY 2015-16, respectively.

No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of RILs promoter / promoter group / other group Companies have interest in GCL.

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Reliance Industries Ltd. – Announcement under Regulation 30 (LODR)-Updates on Acquisition

Source : BSE – www.bseindia.com

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