According to a PTI report: The move would help Reliance Brands, a Reliance Industries Ltd (RIL) subsidiary, add to the existing portfolio of branded fashion retail outlets.
“This is to inform that Reliance Brands, a subsidiary of the Company, has purchased an additional 12.56 percent equity shareholding in GCL for about Rs 52.77 crore, taking its total stake in GCL to 46.39 percent,” RIL said in a regulatory filing.
Incorporated in November, 1998 GCL 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, it added.
“This acquisition will add to the existing portfolio of branded fashion retail outlets,” it said.
In 2017-18 GCL’s turnover was Rs 86.02 crore (provisional).
It had reported a turnover of Rs 80.04 crore and Rs 114.16 crore in FY 2016-17 and FY 2015-16, respectively.