Reliance Retail bought the chocolate company..!?

Sowmiya Sriram
Reliance Retail bought the chocolate company..!?
Ambani has been acquiring stakes in various companies to continue expanding the retail division of reliance Group. It is also acquiring various companies. In that way, a subsidiary of reliance Retail Ventures Limited has announced that it has bought 51% of the shares of lotus chocolate for 74 crore rupees. reliance Retail Ventures Ltd, a subsidiary of reliance Consumer Products Ltd, reliance Group's retail arm, has acquired a stake in lotus Chocolates. The chocolate was bought for Rs 74 crore from the company's current promoters, Prakash B Bhai and anand B Bhai.
Reliance Consumer Products Limited has acquired 65,48,935 equity shares or 51% stake in lotus chocolate Company. The share price has been fixed at Rs 113 per share. Through this, reliance has invested 74 crore rupees. lotus has also announced an open offer of 26% to public shareholders.
The capital infused into lotus will reportedly be used to expand its business. This will enable us to manufacture confectionery, cocoa, chocolate, and other related products in the consumer market. reliance said in a statement that they are delighted to partner with lotus, which has built a strong chocolate business through diligence. This will help in creating high-quality products and providing a wide range of services at affordable prices.
They are delighted to enter into this joint venture with Reliance. reliance Retail posted a 36% jump in its consolidated net profit to Rs 2,305 crore in the september quarter. The Ambani-owned retail chain's total quarterly revenue rose to Rs 64,920 crore. This is an increase of 42.9% over last year. reliance Retail's EBITDA ratio hits a record. It grew by 51.2% YoY to Rs 4404 crore.
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