Reliance Industries invests INR 7600 in acquisitions
- ByTejika Bajaj | January 24, 2022
Reliance Industries Ltd has recently announced that it has spent a sum of over INR 7600 crore over a period of past nine months towards investing in and acquiring multiple assets to strengthen its retail business and enable it to make its super app this year.
“We have spent close to about 7600 crores plus in the first nine months in investing and acquiring assets and investing in capabilities which will help us reach out to our customers and offer better quality of products and also improved service delivery,” said Gaurav Jain, Head – Strategy and Business Development, Reliance Retail.
In the last quarter, RIL invested a hefty sum to acquire a majority stake in Ritika Pvt Ltd which owns and operates the fashion brand Ritu Kumar, Label Ritu Kumar, RI Ritu Kumar aarké, and Ritu Kumar Home and Living. Furthermore it also bought out the private equity firm Everstone Group’s 35% in the company to acquire majority share in the company. It also bought 40% in Manish Malhotra’s eponymous brand.
Recently the brand spent a sum of over $200 million to foray into the quick commerce segment by acquiring a stake in the hyperlocal brand Dunzo. Additionally, they also bought out a stake in Kalanikethan, which is a leading saris and ethnic wear retailer as well as Jaisuryas is a regional grocery chain in Southern India, which is going to help the conglomerate fill up gaps in some of the smaller markets in the southern markets.
“On the new commerce side really, the focus has been on onboarding merchants. This has been a period where we have now boarded, 10x growth of merchants between last year and this year. And we are continuously investing in supply chain infrastructure so that we are able to serve them better,” added Jain.
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