New Delhi, November 15
Billionaire Mukesh Ambani-owned Reliance Industries’ retail arm has picked up 96 per cent stake in online furniture retailer Urban Ladder for over Rs 182 crore.
“Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL), has acquired equity shares of Urban Ladder Home Decor Solutions Pvt Ltd for a cash consideration of Rs 182.12 crore,” RIL said on Saturday.
The investment represents 96 per cent holding in the equity share capital of Urban Ladder, it added.
“RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of Urban Ladder,” it said.
Besides, RRVL has proposed to make a further investment of up to Rs 75 crore in Urban Ladder. This acquisition will help RIL in bolstering its presence in the fast-growing e-commerce segment and widening the bouquet of consumer products provided by it as it looks to compete with Amazon and Flipkart. — PTI
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