Google News

Reliance Brands buys 8 pc additional stake in Genesis Colors

Must Read

Reliance Industries Ltd on Saturday said its subsidiary has purchased additional 8.14 percent stake in luxury fashion retail firm Genesis Colors for about Rs 34.17 crore.

“Reliance Brands, a subsidiary of the company, has purchased an additional 8.14 percent equity stake in luxury fashion retail firm Genesis Colors Limited for about Rs 34.17 crore, taking its total stake in GCL to 9.29 percent,” RIL said in a filing.

According to a PTI report: GCL was incorporated in November, 1998 and is in retailing and wholesale business 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,” the filing said.

GCL’s had provisional annual turnover of Rs 86.02 crore in fiscal year 2017-18. It had turnover of Rs 80.04 crore and Rs 114.16 crore in 2016-17 and FY 2015-16, respectively, the filing added.

Latest News

Today we are the largest FDI investors in real estate in India – Shantanu Chakraborty of Brookfield Properties

Shantanu Chakraborty, Executive Vice President at Brookfield Properties, engages in a discussion with Rasul Bailay, Group Managing Editor of...

Login to your account below

Fill the forms bellow to register

Retrieve your password

Please enter your username or email address to reset your password.