Reliance Retail Ventures Limited (RRVL), a wholly-owned subsidiary of Reliance Industries (RIL), has bought a 100 % stake in Tamil Nadu-based Shri Kannan Departmental Store Private Limited for Rs 152.5 crore.
RRVL will secure 7.86 lakh value shares that are 100 percent of SKDS value share capital. SKDS was formed on September 15, 1999, is occupied with the matter of retailing foods grown from the ground, dairy, staples, home, and individual consideration, and general product to customers.
RIL in an administrative documenting said that the venture will additionally fortify the gathering’s’ retail activities and its quality in the territory of Tamil Nadu and will additionally empower its retail and new trade activities.
It as of now works 29 stores across Coimbatore and close-by territories with a retail region of more than 6 lakh square feet.
SKDS detailed income from tasks of Rs 415 crore, Rs 450 crore, and Rs 481 crore in FY2018-19, FY2017-18, and FY2016-17 individually with a net profit of Rs 2 crore, Rs 3 crore, and Rs 4 crore.
“Reliance Retail Ventures Limited (RRVL), an auxiliary of Reliance Industries Limited, has obtained 7,86,191 value shares representing to 100 percent of the value share capital of Shri Kannan Departmental Store Private Limited (SKDS) for a thought of Rs 152.5 crore,” the organization said in a press release.
Reliance Industries said the venture will additionally fortify the gathering’s retail activities and nearness in the territory of Tamil Nadu and will additionally empower retail and new trade activities.
Reliance Retail enlisted more than 50 crore footfalls a year ago and timed a turnover of Rs 1.3 lakh crore. With a nearness in about 7,000 towns and urban areas, the organization has more than two-thirds of its 10,415 stores are in level II, level III and level IV towns.
The organization revealed income from activities of Rs 415 crore, Rs 450 crore and Rs 481 crore and net profit of Rs 2 crore, Rs 3 crore and Rs 4 crore in FY2018-19, FY2017-18 and FY2016-17 separately.
Retail has been a significant focal point of RIL and with its arrangement of ”new trade”, which is a disconnected to-online activity, the organization means to infiltrate India’s’ retail market. Through the new business activity, RIL plans to connect makers, dealers, little shippers, brands and shoppers through innovation.
Throughout the following five years, it plans to be among the world’s main 20 retailers by utilizing blockchain, Internet of Things, computerized reasoning and other new advances on a skillet India premise.