[ad_1]
Reliance Retail Ventures has injected Rs 300 crore of equity into its newly established fast-moving consumer goods entity, Reliance Consumer Products (RCPL), via optionally fully convertible debentures (OFCDs), states an ET report. According to RCPL‘s last fiscal financial statement, Rs 277 crore has already been infused into the company. Notably, this marks the first significant capital infusion by the company’s promoters into the business.
Reliance Retail Ventures serves as the holding company for all retail businesses of Reliance Industries. The allotments took place on February 1 and March 31, the report said.
In this period, RCPL received shareholder approval to issue and allot up to 300,000,000 unsecured zero coupon OFCDs with a face value of Rs 10 each to its existing holders of equity share on right basis, as stated in RCPL’s filing. RCPL currently has an authorized share capital of Rs 1 crore, of which the issued, subscribed, and fully paid-up capital stands at Rs 1 lakh. The company commenced operations on November 30, 2022.
Furthermore, the report discloses that RCPL paid Rs 200 crore to acquire a 50% stake in Gujarat’s Sosyo Hajoori Beverages. This joint venture aims to expand RCPL’s presence in the beverage sector, primarily leveraging the Sosyo brand after acquiring ownership of the Campa brand.
As of press time, an email sent to RCPL remains unanswered.
According to an industry insider, Reliance Retail Ventures intends to inject additional funds into RCPL during the current fiscal year, as part of its strategic effort to expand the FMCG business nationwide.
An executive who did not wish to be identified shared that the company has ambitious plans to penetrate all segments, as FMCG represents its latest focus.
Isha Ambani, director of Reliance Retail Ventures, recently expressed satisfaction with the FMCG business’s strong start, achieved through market entry in numerous categories via various brands and strategic partnerships.
Reliance Retail Ventures serves as the holding company for all retail businesses of Reliance Industries. The allotments took place on February 1 and March 31, the report said.
In this period, RCPL received shareholder approval to issue and allot up to 300,000,000 unsecured zero coupon OFCDs with a face value of Rs 10 each to its existing holders of equity share on right basis, as stated in RCPL’s filing. RCPL currently has an authorized share capital of Rs 1 crore, of which the issued, subscribed, and fully paid-up capital stands at Rs 1 lakh. The company commenced operations on November 30, 2022.
Furthermore, the report discloses that RCPL paid Rs 200 crore to acquire a 50% stake in Gujarat’s Sosyo Hajoori Beverages. This joint venture aims to expand RCPL’s presence in the beverage sector, primarily leveraging the Sosyo brand after acquiring ownership of the Campa brand.
As of press time, an email sent to RCPL remains unanswered.
According to an industry insider, Reliance Retail Ventures intends to inject additional funds into RCPL during the current fiscal year, as part of its strategic effort to expand the FMCG business nationwide.
An executive who did not wish to be identified shared that the company has ambitious plans to penetrate all segments, as FMCG represents its latest focus.
Isha Ambani, director of Reliance Retail Ventures, recently expressed satisfaction with the FMCG business’s strong start, achieved through market entry in numerous categories via various brands and strategic partnerships.
[ad_2]
Source link
