Reliance Retail acquires Shri Kannan Departmental Store
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries (RIL), has invested Rs 152 crore ($20.8 million) to acquire a 100 percent stake in Tamil Nadu-based Shri Kannan Departmental Store Private Limited (SKDS).
With the acquisition, Reliance Retail has strengthened its retail footprint in the southern state of Tamil Nadu. SKDS currently has 29 operational stores in the state, with a retail area of over 6 lakh square feet.
"Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Limited, has acquired 7,86,191 equity shares representing 100 percent of the equity share capital of Shri Kannan Departmental Store Private Limited for a consideration of Rs 152.5 crore," the company said, in a filing with the Bombay Stock Exchange.
SKDS has a strong presence in the home and personal care segment. It had reported revenue from operations of Rs 415 crore and a net profit of Rs 2 crore in FY2018-19.
Reliance Retail has been aggressively expanding across all verticals through store openings and acquisitions, as it aims to be among the world’s top 20 retailers in the coming years.
During the December quarter, Reliance Retail had added 456 stores, taking the total store count to 11,316 stores. Its stores in the fashion and lifestyle segment crossed 2,000 stores in December 2020.
Copyright © 2021 FashionNetwork.com All rights reserved.