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Reliance Retail picks up 96% stake in online furniture retailer Urban Ladder for Rs 182 crore
RRVL proposes to make a further investment of up to Rs 75 crore. Further investment is expected to be completed by December 2023
Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries Limited (RIL) has picked up 96 percent of equity shares in online furniture retailer Urban Ladder for Rs 182.12 crore.
RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 percent of the equity share capital of Urban Ladder.
RRVL proposes to make a further investment of up to Rs 75 crore. Further investment is expected to be completed by December 2023.
Urban Ladder was incorporated in India on 17 February, 2012.
Urban Ladder is in the business of operating a digital platform for home furniture and decor products.
It also has a chain of retail stores in several cities across India. Urban Ladder's audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit/(Loss) of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in FY 2019, FY 2018 and FY 2017 respectively.
The aforesaid investment will further enable the group's digital and new commerce initiatives and widen the bouquet of consumer products provided by the group while enhancing user engagement and experience across its retail offerings.
No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in the transaction.
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