Reliance industry is expanding in FMCG market in India with aim to capture the market, here is the latest step taken by the company
Reliance Retail Ventures Ltd’s subsidiary on Thursday has acquired a 51 percent stake of Lotus Chocolate Company.
About Lotus Chocolate
Lotus Chocolate manufacturers of the finest chocolates, cocoa products and cocoa derivatives. Their products are supplied to chocolate makers and chocolate users across the world, from local bakeries to multi – national companies. Incorporated in the year 1989 and having commenced operations in 1992, Lotus is a well known reliable business partner for the supply of cocoa and chocolate products.
Starting from the sourcing of fine quality cocoa beans to processing of cocoa beans and delivering the finest chocolates… Lotus’s has a fully integrated manufacturing facility and is built with the best technologies and expertise from across the globe.
About Reliance Consumer Products Limited
Reliance Consumer Products Ltd., the fast moving consumer goods arm and a fully owned subsidiary of Reliance Retail Ventures Ltd.
Details
The FMCG part owned subsidiary of Reliance Retail Ventures Limited, Reliance Consumer Products Limited (RCPL), has acquired Lotus Chocolate company from Prakash P Pai, Ananth P Pai, and other members of the current promoter and promoter group of the company for ₹74 crores.
Reliance Retail in its regulatory filing., said
RCPL will acquire 65,48,935 equity shares of LOTUS representing 51% of the paid-up equity share capital of LOTUS from the current promoter and promoter group of LOTUS at a price per share of Rs. 113.00 aggregating to Rs. 74 crores.
RCPL would make a Public Announcement to the public shareholders of LOTUS to acquire up to 33,38,673 equity shares of LOTUS representing 26.00% of the equity share capital of LOTUS in accordance with the SEBI Takeover Regulations
It has also announced an open offer to the public shareholders of Lotus for 26 percent.
Aim Of the Deal
The capital collected will help drive the growth and expansion of LOTUS into a
- comprehensive confectionery,
- Cocoa,
- Chocolate derivatives, and
- Related product manufacturer across the industrial and consumer markets.
Isha Ambani, Executive Director of Reliance Retail Ventures Limited said
Reliance is excited to partner with LOTUS who have created a strong Cocoa & chocolate derivatives business through sharp business acumen and perseverance. The investment in LOTUS underlines our commitment to further boosting indigenously developed daily use of high-quality products, to serve a broad customer spectrum at affordable prices. We look forward to working with the highly experienced management team of LOTUS as we further expand the business and drive its next growth phase.
Abhijit Pai, Founder-Promoter of LOTUS said
We are delighted to enter into this partnership with Reliance. We have the vision to build a world-class confectionery products business across customer segments backed by best-in-class manufacturing capabilities and talent. Our strategic partnership with Reliance, through this investment, will further enable this vision and accelerate Lotus’ transformation.
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