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Business EconomyPosted at: Jul 23 2018 2:10PM


Reliance Brands acquires additional 8.14 pc stake in Genesis Colors

Mumbai, Jul 23 (UNI) Reliance Industries said that Reliance Brands
Limited, a subsidiary of the Company, has purchased an additional
8.14 percent equity stake in Genesis Colors Limited (GCL) for
about Rs 34.17 crore, taking its total stake in GCL to 9.29 percent.
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.
GCL's 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 RIL's promoter / promoter group / group
companies have interest in GCL.
UNI JS NV PS 1410
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Tags: #Reliance Brands acquires additional 8.14 pc stake in Genesis Colors
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