Reliance Consumer Products Limited, a wholly owned subsidiary of Reliance Retail Ventures Limited, has purchased Lotus Chocolate for Rs.74 crore.RCPL will acquire 65,48,935 equity shares of LOTUS from the current promoter and promoter group for Rs. 113.00 per share, amounting to Rs. 74 crore.
In accordance with the SEBI Takeover Regulations, RCPL would make a Public Announcement to the public shareholders of LOTUS to acquire up to 33,38,673 equity shares of LOTUS, representing 26.00% of LOTUS’s equity share capital.
The investment will aid in the growth and expansion of LOTUS into a comprehensive confectionery, cocoa, chocolate derivatives, and related products manufacturer in the industrial and consumer markets.
“Reliance is thrilled to be partnering with LOTUS, which has built a strong Cocoa and chocolate derivatives business through sharp business acumen and perseverance. The investment in LOTUS demonstrates our commitment to increasing the number of indigenously developed high-quality daily-use products available to a broad customer base at reasonable prices. We are excited to collaborate with LOTUS’s highly experienced management team as we expand the business and drive its next growth phase, ” the company stated.