Reliance Brands buys additional 12.56% stake in Genesis Colors, takes total holding to 46.39%
today Aug 15, 2018
After purchasing an additional eight percent stake in Genesis Colors for around Rs 34 crore last month, Reliance Brands has just purchased a further 12.56 percent stake in the brand.
Reliance Brands’ parent company, Reliance Industries Limited, stated in a regulatory filing: “Reliance Brands, a subsidiary of the Company, has purchased an additional 12.56 per cent equity shareholding in GCL [Geness Colors Limited] for about Rs 52.77 crore, taking its total stake in GCL to 46.39 per cent."
"This acquisition will add to the existing portfolio of branded fashion retail outlets," read the statement. It also noted that Reliance Brands and Genesis Colors are in a similar industry and that the move will help Reliance brands to add the business to its existing portfolio of branded fashion retail outlets.
Genesis Colors was incorporated in November 1998 and is in both the retail and the wholesale business. The business produces readymade apparel, footwear, bags, and other accessories both directly and through its subsidiaries and joint ventures. Genesis Colors had a turnover of Rs 80.04 crore in the 2017 fiscal year and of Rs 114.16 crore in the 2016 fiscal year.
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