Reliance Brands Acquires Rhea Retail
Reliance Brands Limited, a subsidiary of the Reliance Industries Limited, has purchased 100% stake in Rhea Retail Private Limited (Rhea) for all cash consideration of Rs. 203,46,00,000/-.
Rhea is in the business of selling of products in India for expectant mothers and in general merchandise for children. Rhea being in the retailing industry as Reliance Brands Limited, the acquisition would result in significant synergies. No regulatory approvals were required for the acquisition. Rhea was incorporated on April 9, 2007.
The turnover of Rhea for last 3 years was as under:
FY 2017-18 – Rs. 200 Cr.
FY 2016-17 – Rs. 200 Cr.
FY 2015-16 – Rs. 175 Cr.