Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Reliance Industries Ltd. (RIL), has acquired 96% of equity shares of Urban Ladder Home Décor Solutions Private Ltd. for a cash consideration of ₹182.12 crore.
RRVL has the option of acquiring the balance stake, taking its shareholding to 100% in the acquired company.
RRVL will make a further investment of up to ₹75 crore in Urban Ladder and this investment is expected to be completed by December 2023, the company said in a filing with stock exchanges.
Incorporated in India in 2012, Urban Ladder is in the business of operating a digital platform for home furniture and décor products.
It also has a chain of retail stores in several cities across India.
For the FY19, it reported a turnover of ₹434 crore and a net profit of ₹49.41 crore.
“The aforesaid investment [in Urban Ladder] 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,” RIL said.
No governmental or regulatory approvals were required for the said investment, it added.