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Reliance acquires 51% controlling stake in Lotus Chocolate Company

RCPL has taken sole control of Lotus with effect from May 24, 2023. It has also completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations

Mumbai: Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL) has completed the acquisition of a 51% controlling stake in Lotus Chocolate Company Ltd. for an aggregate consideration of Rs. 74 crore, the company announced in a press release. It has subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs. 25 crores.

RCPL has taken sole control of Lotus with effect from May 24, 2023. It has also completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations.

RRVL, through its subsidiaries and affiliates, operates an integrated omnichannel network of 18,040 stores and digital commerce platforms across grocery, consumer electronics, fashion & lifestyle and pharma consumption baskets and has partnered with over 3 million merchants through its new commerce initiative. Its FMCG subsidiary, RCPL aims to provide a wide range of products under a versatile brand portfolio that serves the daily needs of millions of Indians.

RRVL reported a consolidated turnover of Rs 260,364 crore ($31.7 billion) and a net profit of Rs 9,181 crore ($1.1 billion) for the year ended March 31, 2023.

Listed on the Bombay Stock Exchange (BSE), Lotus is a manufacturer of chocolates, cocoa products and cocoa derivatives. Lotus has a fully integrated manufacturing facility and its products are supplied to chocolate makers and chocolate users across the world, starting from local bakeries to multi-national companies.

The post Reliance acquires 51% controlling stake in Lotus Chocolate Company appeared first on India Retailing.



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