Reliance Brands picks 12.5% stake in a luxury apparel firm

Reliance Brands has acquired 12.5 per cent stake in luxury apparel firm Future101 Design for Rs 9.50 crore. In a BSE filing, Reliance Industries said, "Reliance Brands, a subsidiary of the company, has purchased 12.5 per cent equity stake in Future101 Design Pvt Ltd (Future101) for Rs 9.50 crore".

The acquisition of minority stake is in the nature of strategic investment, it added.

Future101 is engaged in manufacturing, distribution and sale of luxury apparels in India.

"Future101 belongs to a similar industry as Reliance Brands. We expect growth in this sector and value creation from this investment," the company said.

Future101 reported an annual turnover of Rs 22.18 crore in 2017-18. 

Meanwhile, Reliance Industries conducted its 41st Annual General Meeting (AGM) earlier in the day. At the AGM, Reliance Industries Chairman Mukesh Ambani announced the launch of fixed-line broadband services Jio GigaFiber.

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"We will extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity solutions," said Mukesh Ambani while addressing the shareholders at the Reliance Industries` 41st Annual General Meeting.