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