A brand known for suitings, sarees and home furnishing from past three decades is likely to slip off Reliance Industries’ hands. Named after Dhirubhai Ambani’s nephew, RIL has decided to look for strategic partners for the brand. For this the company has also appointed investment bank NM Rothschild.
RIL looks at a possible JV or complete sale of its ailing textiles business, including Vimal, once valued at a little over Rs 300 crore.
The Vimal brand, which began with sarees in the 70s, graduated to men’s suiting in the 80s and home furnishings under the Harmony brand name and went for a major revamp in 2007.
RIL’s textile arm which when started was stipulated as a strategic move but has now lost its charm. Currently, the business contributes less than 2.5 per cent of RIL’s total turnover of Rs 85,000 crore.