Reliance Industries (RIL) has raised its stake in luxury apparel firms Future101 Design and Genesis Colors to strengthen its foothold in retail industry. Reliance Brands (RBL), a unit of RIL, has acquired a further stake of 2.5 per cent in Future101 Design on February 7, 2019, for a consideration of Rs 1.99 crore, taking its total stake in Future101 to 15 per cent.
Also, Reliance Retail Ventures (RRVL), a separate subsidiary of the company, acquired a further stake of 9.44 per cent in Genesis Colors (GCL), for Rs 45 crore taking its total stake in GCL to 29.07 per cent on the enhanced capital.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.