Now Mukesh Ambani Will Sell Chocolates Too ; Made A Big Deal
Reliance Industries Limited, Will Acquire A Controlling Stake in Lotus Chocolates.
Another company is about to fall in the hands of Mukesh Ambani, the country’s second biggest tycoon. His company Reliance Consumer Products Limited, the FMCG unit of Reliance Industries Limited (RIL), will acquire a controlling stake in Lotus Chocolate. Reliance Consumer Products Limited has entered into an agreement with the promoters of Lotus Chocolates. The company manufactures chocolate, cocoa products and cocoa derivatives. Under the Share Purchase Agreement, RCPL has acquired 77 per cent of the paid-up share capital of Lotus Chocolate.
The purchase will be done on the stock market from the promoters of the company, Prakash Peraje Pai and Anant Peraje Pai. After this, Reliance will make an open offer to acquire 26 per cent stake in the company. Reliance will buy 51 percent stake in this company for Rs 74 crore. This purchase has been done at a price of Rs 113 per share. It is a subsidiary of Reliance Retail. In the September quarter, Reliance Retail’s consolidated net profit grew by 36 per cent to Rs 2,305 crore.
Independence Brand: Reliance Consumer Products Limited has recently launched its brand Independence. Currently it has been launched in Ahmedabad, Gujarat. Later there are plans to launch it across the country. Reliance Retail is headed by Isha Ambani, daughter of Mukesh Ambani. Isha Ambani says that other affordable products including edible oils, pulses, cereals, packaged foods and other daily need products will be introduced under the Independence FMCG brand.
