This is to inform that Reliance Brands Limited, a subsidiary of the Company, has purchased 12.5% equity stake in Future101 Design Private Limited (Future101) for Rs.9,50,00,000/-. The acquisition of minority stake is in the nature of strategic investment.
Future101, incorporated in July, 2013 is engaged in manufacturing, distribution and sale of luxury apparels, etc. in India. Future101 belongs to a similar industry as Reliance Brands Limited. We expect growth in this sector and value creation from this investment.
Future101 reported annual turnover of Rs. 22.18 crore, Rs. 20.85 crore and Rs.17.11 crore in FY 2017-18, FY 2016-17 and FY 2015-16, respectively.
No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of RIL's promoter / promoter group / group companies have interest in Future101.