Mukesh Ambani's Reliance Consumer Products acquires controlling stake in Lotus Chocolate for Rs 74 cr

Reliance Consumer Products completes acquisition of 51 per cent controlling stake in LOTUS for an aggregate consideration of Rs 74 crore, the company announced through an exchange filing. The company has also subscribed to non-consumer redeemable preference shares of LOTUS for an amount of Rs 25 crore.

RCPL has completed this acquisition pursuant to the open offer made under SEBI Takeover Regulations.

Post the acquisition RCPL has taken sole control of LOTUS.

Reliance shares

The shares of Reliance Industries on Thursday closed at Rs 2,444.85, up by 0.19 per cent.

Reliance Retail ventures

RRVL, through its subsidiaries and affiliates, operates an integrated omni-channel network of 18,040 stores and digital commerce platforms across Grocery, Consumer Electronics, Fashion & Lifestyle and Pharma consumption baskets and has partnered with over 3 million merchants through its New Commerce initiative. Its FMCG subsidiary, Reliance Consumer Products Ltd, aims to provide a wide range of products under a versatile brand portfolio that serve the daily needs of millions of Indians.

RRVL reported a consolidated turnover of ₹ 260,364 crore ($ 31.7 billion) and net profit of ₹ 9,181 crore ($ 1.1 billion) for the year ended March 31, 2023.

Lotus Chocolates

Listed on BSE stock exchange, Lotus is one of India's select manufacturers of the finest chocolates, cocoa products and cocoa derivatives. Lotus is a well known reliable business partner for the supply of cocoa and chocolate products, starting from the sourcing of fine quality cocoa beans to processing of cocoa beans and delivering the finest chocolates. Lotus has a fully integrated manufacturing facility and is built with the best technologies and expertise from across the globe. Lotus products are supplied to chocolate makers and chocolate users across the world, starting from local bakeries to multinational companies.

Published on: Thursday, May 25, 2023, 04:38 PM IST