Reliance Industries Ltd has announced that its subsidiary has purchased additional 8.14 per cent stake in luxury fashion retail firm Genesis Colors for about Rs 34.17 crore.
"Reliance Brands, a subsidiary of the Company, has purchased an additional 8.14 per cent equity stake in luxury fashion retail firm Genesis Colors Limited for about Rs 34.17 crore, taking its total stake in GCL to 9.29 per cent," RIL said in a filing.
GCL was incorporated in November, 1998 and is in retailing and wholesale business of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/Joint ventures.
"GCL belongs to a similar industry as Reliance Brands Limited. This acquisition will add to the existing portfolio of branded fashion retail outlets," the filing said.
GCL's had provisional annual turnover of Rs 86.02 crore in fiscal year 2017-18. It had turnover of Rs 80.04 crore and Rs 114.16 crore in 2016-17 and FY 2015-16, respectively, the filing added.