Reliance Retail Ventures acquires 96% holding in Urban Ladder for Rs 182 cr
Published By : Prameya News Bureau | November 15, 2020 IST
Share
New Delhi, Nov 15: Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Limited (UrbanLadder) for a cash consideration of Rs 182.12 crore.The investment represents 96 per cent holding in the equity share capital of UrbanLadder. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of UrbanLadder.RRVL proposes to make a further investment of up to Rs 75 crore. The further investment is expected to be completed by December 2023.UrbanLadder was incorporated in India on February 17, 2012. UrbanLadder is in the business of operating a digital platform for home furniture and decor products.It also has a chain of retail stores in several cities across India. UrbanLadder's audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit/(Loss) of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in FY 2019, FY 2018 and FY 2017 respectively.The aforesaid investment will further enable the group's digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings.No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in the transaction. (IANS)
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Indian chess stars may get more endorsements deals
Elon Musk’s AI company xAI to raise $6 billion!
Indian startups file 83,000 patents in FY23
Snapchat logs significant growth in daily active users globally
Deadline for filing 10A/10AB forms extended upto 30th June
RBI cautions public against prepaid payment instruments by illegal entities
Credit card data of 17K ICICI Bank users exposed; bank blocks cards
SEBI probes 2 funds for shorting Adani stocks before Hindenburg report
KABIL inks MoU with CSIR-NGRI for advancing geophysical investigations in minerals sector
RBI asks Kotak Mahindra Bank to stop onboarding new customers online
UiPath launches two new data centres in India
TPSODL gears up to maintain reliable power supply during Kalabaisakhi season
EcoR to run 10 Summer Special trains in Odisha, Know details.....
PayU gets RBI's in-principle nod to operate as payments aggregator
RBI lists 6 factors powering India’s take-off to become world’s 3rd largest economy
Parveen Verma appointed as CEO, TPWODL
Apple ecosystem is one of the leading employment generators in India: Vaishnaw
Internet subscribers reach 936.16 million in India, telephone subscribers cross 1.19 billion: TRAI
BharatPe launches India's first all-in-one payment device
Aston Martin launches new sports car 'Vantage' at Rs 3.99 cr in India