Business News: Reliance Industries’ owned by Billionaire Mukesh Ambani has picked up 96 per cent stake in online furniture retailer Urban Ladder for over Rs.182 crore.
In a statement on Saturday RIL said, Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL) , has acquired equity shares of Urban Ladder Home Décor Solutions Pvt. Ltd for a cash consideration of Rs.182.12 crore.
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.
“The further investment is expected to be completed by December 2023,” it said.
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 e-commerce majors as Amazon and Flipkart.
the statement said, “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.”