Reliance to acquire 50% stake in Gujarat-based Sosyo Hajoori Beverage
- ByStartupStory | January 4, 2023
Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Venture Ltd, said it will acquire 50% in Sosyo Hajoori Beverage, a Gujarat-based beverage business, which runs under the flagship brand of ‘Sosyo’.
The announcement comes days after the FMCG arm of Reliance acquired 51% stake in Lotus chocolate Company for Rs. 74 Crore. The conglomerate will also make an offer to acquire another 26% stake in the chocolate maker.
Meanwhile, the existing owners, Hajoori Family, will continue to own the remaining stake in the 100 year-old soft drink manufacturer.
“This investment helps us take forward our vision of empowering local heritage brands and presenting them with new growth opportunities. We welcome the desi power of century-old Sosyo’s heritage beverage brands to our consumer brand portfolio and are confident that our knowhow, consumer insights and retail distribution strengths will help accelerate the growth momentum of Sosyo,” says Isha Ambani, executive director, Reliance Retail Ventures.
“With this joint venture, Reliance plans to further strengthen its portfolio in the beverage segment having already acquired the iconic brand Campa. In addition, Sosyo’s expertise in formulations can be leveraged to develop a unique value proposition for the product portfolio and consumers,” the company says.
“We are delighted to enter into this partnership with Reliance Consumer Products, a strong and willing partner that can help Sosyo rapidly scale up its reach. Combining our relative strengths, we would make the unique tasting beverage products of Sosyo accessible to all the consumers in India. It is a defining moment in our near 100-year journey in beverages,” says Abbas Hajoori, chairman, Sosyo Hajoori Beverages Pvt Ltd.
Sosyo was invented by Abbas Rahim Hajoori, a youngster from Surat amidst the start of India’s freedom struggle in 1923. It is India’s first home-grown fresh juice based carbonated drink.
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