Reliance Industries’ (RIL’s) wholly owned subsidiary -- Reliance Brands has purchased 100% stake in Rhea Retail (Rhea) for all cash consideration of Rs 203,46,00,000. Rhea is in the business of selling of products in India for expectant mothers and in general merchandise for children.
Rhea being in the retailing industry as Reliance Brands, the acquisition would result in significant synergies. No regulatory approvals were required for the acquisition.
RIL is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
