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Reliance ups stake in Genesis Colors, Raghavendra Rathore’s fashion firm | VCCircle
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Reliance ups stake in Genesis Colors, Raghavendra Rathore’s fashion firm

Reliance ups stake in Genesis Colors, Raghavendra Rathore’s fashion firm

Reliance ups stake in Genesis Colors, Raghavendra Rathore’s fashion firm

Photo Credit: Reuters

Billionaire Mukesh Ambani-led Reliance Industries Ltd said on Friday it has increased its stake in luxury fashion retailer Genesis Colors Ltd and a company set up by fashion designer Raghavendra Rathore.

Reliance Brands Ltd, a subsidiary of Reliance Industries, acquired an additional stake of 2.5% in Rathore’s Future101 Design Pvt. Ltd for Rs 1.99 crore, taking its total stake to 15%.

Separately, another unit Reliance Retail Ventures Ltd acquired an additional stake of 9.44% in Genesis Colors for Rs 45 crore, taking its total stake to 29.07%.

Reliance Brands now owns a 43.66% stake in Genesis Colors while the total stake of the two RIL units is 72.73%.

The acquisitions will help the company strengthen its presence in the retail industry and support its long-term strategy to enhance its value in the retail industry, Reliance Industries said in a stock-exchange filing.

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Copyright © 2019 VCCircle.com. Property of Mosaic Media Ventures Pvt. Ltd.

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