Mumbai (Maharashtra) [India], Mar 5 : Reliance Retail Ventures Ltd (RRVL), a subsidiary of Mukesh Amb-led Reliance Industries, has acquired Shri Kannan Departmental Store (SKDS) for Rs 152.5 crore.
RRVL will acquire 7.86 lakh equity shares representing 100 per cent of SKDS equity share capital.
SKDS, incorporated on September 15, 1999, is engaged in the business of retailing fruits and vegetables, dairy, staples, home and personal care, and general merchandise to consumers.
It currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 6 lakh square feet.
SKDS reported revenue from operations of Rs 415 crore, Rs 450 crore and Rs 481 crore in FY2018-19, FY2017-18 and FY2016-17 respectively with a net profit of Rs 2 crore, Rs 3 crore and Rs 4 crore.
Reliance Industries said the investment will further strengthen the group's retail operations and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives.
Reliance Retail registered over 50 crore footfalls last year and clocked a turnover of Rs 1.3 lakh crore. With a presence in nearly 7,000 towns and cities, the company has over two-third of its 10,415 stores are in tier II, tier III and tier IV towns.
Over the next five years, it aims to be among the world's top 20 retailers by leveraging blockchain, Internet of Things, artificial intelligence and other new technologies on a pan-India basis.
( With inputs from ANI )