Home Fashion Reliance Brands raises stake in luxury apparel firm to 17.5 pc

Reliance Brands raises stake in luxury apparel firm to 17.5 pc

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Reliance Industries Ltd (RIL) on Wednesday said its arm  has increased its stake in  by 2.5 per cent to 17.5 percent, according to a PTI report.

“Reliance Brands Ltd, a subsidiary of the Company, has increased its equity shareholding in Future101 Design Private Limited (Future101) by 2.5 percent for a consideration of Rs 2 crore, taking its equity shareholding in Future1 01 to 17.5 percent,” RIL said in a statement.

Luxury apparel firm Future101 reported annual turnover of Rs 27.91 crore, Rs 22.18 crore and Rs 20.85 crore in 2018-19, 2017-18 and 2016-17, respectively.

No regulatory approvals were required for the said acquisition of shares, it said.

The investment does not fall within related party transaction and none of the company’s promoter or promoter group or group companies have interest in Future101, it added.