Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL) has completed the acquisition of 51% controlling stake in Lotus Chocolate Company Limited for an aggregate consideration of Rs 74 crore.
Recently, RCPL launched its consumer packaged goods brand ‘Independence’ in Gujarat, with plans for a national rollout. Earlier, as part of its entry into the FMCG segment, Reliance had acquired the home-grown soft drink brand, Campa. According to reports, it is also in talks to acquire Garden, Lahori Zeera and Bindu Beverages, among others.
RCPL also subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore.
Isha Ambani, executive director, Reliance Retail Ventures, said, “Reliance is excited to partner with Lotus, who have created a strong cocoa and chocolate derivatives business through sharp business acumen and perseverance. The investment in Lotus underlines our commitment to further boost indigenously developed daily use high quality products, to serve a broad customer spectrum at affordable prices.”
RCPL has also completed the acquisition of equity shares pursuant to the open offer made under SEBI takeover regulations. RCPL has taken sole control of Lotus with effect from May 24, 2023.
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