Reliance Retail buys 16.31% in Genesis Colors

Reliance Retail has acquired 16.31% stake in readymade garment retailer Genesis Colors for Rs. 34.80 crore. In an official statement the company informed the stake buy by the group in GCL is in addition to 49.46 per cent stake already held by Reliance Brands, a subsidiary of RRVL. 

"... Reliance Retail Ventures Ltd (RRVL), a subsidiary of the company, has purchased 16.31 per cent equity holding in Genesis Colors Limited (GCL) for a consideration of Rs 34.80 crore," RIL said in a filing to the BSE. 

The aggregate equity shareholding of RRVL and RBL in GCL stands at 65.77 per cent. 

This acquisition adds to the existing portfolio of branded fashion retail outlets, RIL said. 

Further, RRVL has also acquired stake in five more companies for an aggregate Rs 57.03 crore. These entities are engaged in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories. 

( Source: PTI)