The business empire of the country’s richest person Mukesh Ambani is continuously growing. His group companies are continuously expanding into new sectors and increasing their dominance over market share by purchasing competitors. In a similar latest case, another new company is going to be named after Reliance Industries, which has many popular brands from Paan Pasand to Mango Mood and Tutti Frutti.
These brands will become Reliance’s
According to a report by news agency PTI, Reliance Industries’ Reliance Consumer is soon going to acquire several brands of Rawalgaon Sugar Confectionery. The deal for this has been finalized, which can be completed soon. With this deal, Reliance Industries will get many popular brands, which include Coffee Break, Paan Pasand, Mango Mood, Tutti Frutti, Choco Cream and Supreme etc.
Deal finalized for Rs 27 crore
These popular brands are owned by Rawalgaon Sugar Farm, which Reliance Consumer is going to buy in a deal worth Rs 27 crore. With this, all these popular brands will belong to Reliance Industries. The board of Ravalgaon Sugar Farm has given its approval to this deal, about which the company has informed the stock exchanges. The company has said that the board has approved the sale of all intellectual property rights including trademarks, recipes along with these brands in a deal worth Rs 27 crore.
No deal for assets and liabilities< /h3>
However, assets and liabilities are not included in this deal. This means that even after the completion of the Rs 27 crore deal of selling the respective brands, Rawalgaon Sugar Farm will still have the property, land, plant, building, equipment, machinery etc. The liabilities of Rawalgaon Sugar Farm will also remain with him. The company says that it was facing problems in the sugar boiled confectionery business for some time. For this reason, it has decided to sell the business.
Aggressive attitude on retail business
If we talk about Reliance Consumer, it is a subsidiary of Reliance Retail Ventures Limited. Reliance Retail Ventures Limited is a retail business firm, which handles the entire retail business of Reliance Industries. Mukesh Ambani’s company is aggressively expanding its business in the retail business. In the last few months alone, Reliance has made dozens of deals in the retail sector.