Udayavni Special

Reliance’s retail arm acquires 96% stake in Urban Ladder for Rs 182 cr

PTI, Nov 15, 2020, 12:11 PM IST

New Delhi: Reliance Industries’ retail arm has acquired 96 per cent stake in online furniture retailer Urban Ladder for Rs 182.12 crore. “Reliance Retail Ventures Limited (RRVL)…has acquired equity shares of Urban Ladder Home Decor Solutions Private Ltd for a cash consideration of Rs 182.12 crore,” Reliance Industries (RIL) said in a late night regulatory filing on Saturday.

The said investment represents 96 per cent holding in the equity share capital of Urban Ladder, it added. “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,” it said.

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. Besides, RRVL has proposed to make a further investment of up to Rs 75 crore. “The further investment is expected to be completed by December 2023,” the filing said. Urban Ladder was incorporated in India on February 17, 2012.

Besides online, the company has presence in offline channels and operates a chain of retail stores in several cities across India. In 2018-19, Urban Ladder’s audited turnover was Rs 434 crore and the net profit was Rs 49.41 crore, it said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Deep depression over Bay of Bengal now cyclonic storm ‘Burevi’

Ex-Karnataka minister Varthur Prakash abducted, later released, say police sources

K’taka COVID-19 update: 1330 new cases, 886 discharges, 14 deaths on Nov 30

Indian Navy successfully test-fires naval version of BrahMos missile

Rotary members organise inter-State bike ride; aim to raise Rs 3cr for COVID-19 vaccine fund

Cyclone likely to hit Tamil Nadu on December 4, warns IMD; second time in a week

NCP leader Rekha Bhausaheb Jare dies after throat slit in road rage incident

Related Articles More

SC rejects Chanda Kochhar’s plea against termination as CEO from ICICI Bank

Paytm waives charges on merchant transactions; to absorb MDR of Rs 600 cr

Sandeep Kataria becomes first Indian to become global CEO of Bata

Mankind Pharma announces Mohanlal as corporate brand ambassador

Indian banks to see capital decline over 2 years without fresh infusion: Moody’s


Boat tragedy: Dead body of one fishermen found

Mangaluru: Six fishermen missing after boat overturns

Leaving Kannada language in the nameplate of Krishna Math : Severe objection by Kasapa

What is the importance of Ayurvedic medical system in treating diseases?

Success story of a couple In Agriculture | Integrated Farming

Latest Additions

US panel to decide who should get the first COVID-19 shots

CM directs officials to review draft parking policy for Bengaluru

Deep depression over Bay of Bengal now cyclonic storm ‘Burevi’

Ex-Karnataka minister Varthur Prakash abducted, later released, say police sources

Congress to oppose Love Jihad, anti-cow slaughter laws if introduced in Karnataka: Siddaramaiah

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.