New Delhi (SunstarTV Bureau): Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Limited for a cash amount of Rs 182.12 crore.
The investment indicates 96 per cent equity share holding in the capital of Urban Ladder. 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.
RRVL aims to make a further investment of up to Rs 75 crore. The further investment is expected to be completed by December 2023.
Urban Ladder was incorporated in India on February 17, 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 around the country. Urban Ladder’s audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in FY 2019, FY 2018 and FY 2017 respectively.
No governmental or regulatory approvals were required for the investment made. The investment does not fall within related party transactions and none of RIL’s promoter or promoter group or group companies have any interest in the transaction.