Reliance Consumer Products completes acquisition of Lotus Chocolate
1 min read 25 May 2023, 05:42 PM ISTThe capital infused by RCPL 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 spectrum
PremiumNew Delhi: Reliance Consumer Products Ltd (RCPL), the fast moving consumer goods business and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), on Thursday said it has completed the acquisition of 51% controlling stake in Lotus Chocolate Company for ₹74 crore.
“RCPL has also subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of ₹25 crore. 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," RRVL said in a fling to the exchanges on Thursday.
The deal was first announced in December 2022.
The capital infused by RCPL 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 spectrum backed by state-of-the-art manufacturing, processes and people, RRVL said then. “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," Isha Ambani, executive director of Reliance Retail Ventures Limited had said as part of the December announcement.
Reliance has been steadily building its packaged consumer goods portfolio that now spans beverages to household staples.
RCPL’s FMCG portfolio comprises brands from Sosyo Hajoori, confectionary range from Lotus Chocolates, Sri Lanka’s biscuit brand Maliban, daily essentials under its own brands including Independence and Good Life, among others. RCPL, aims to provide a wide range of products under a versatile brand portfolio that serve the daily needs of millions of Indians.
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