Billionaire Mukesh Ambani-led Reliance Industries Ltd said on Friday it has increased its stake in luxury fashion retailer Genesis Colors Ltd and a company set up by fashion designer Raghavendra Rathore.
Reliance Brands Ltd, a subsidiary of Reliance Industries, acquired an additional stake of 2.5% in Rathore’s Future101 Design Pvt. Ltd for Rs 1.99 crore, taking its total stake to 15%.
Separately, another unit Reliance Retail Ventures Ltd acquired an additional stake of 9.44% in Genesis Colors for Rs 45 crore, taking its total stake to 29.07%.
Reliance Brands now owns a 43.66% stake in Genesis Colors while the total stake of the two RIL units is 72.73%.
The acquisitions will help the company strengthen its presence in the retail industry and support its long-term strategy to enhance its value in the retail industry, Reliance Industries said in a stock-exchange filing.