Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures, is set to acquire 51% stake in Lotus Chocolate for Rs 74 crore, it said on Thursday.

RCPL will also make an open offer to public shareholders of Lotus to acquire up to 26% stake. Moreover, RCPL and certain promoter group entities of Lotus will subscribe to 5,07,93,200 non-cumulative redeemable preference shares of face value of Rs 10 each at par, the company said in a statement.

The capital infused will help drive the growth and expansion of Lotus into a comprehensive confectionery, cocoa, chocolate derivatives and related products manufacturer across industrial and consumer market, RCPL said.

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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.”

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 home-grown soft drink brand Campa. According to reports, it is also in talks to acquire Garden, Lahori Zeera and Bindu Beverages, among others.

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Reliance Retail Ventures, the retail arm of Reliance Industries, operates more than 16,500 own stores and has over two million merchants across grocery, electronics, apparel, pharmacy, lingerie, home and furnishing, beauty and personal care. It also operates the network of omni-channel business through Jio Mart, Ajio, Netmeds, Zivame and other online channels.

In the business-to-business segment, Reliance Retail recently acquired 100% stake in Metro Cash & Carry for Rs 2,850 crore.