Reliance Industries said that Reliance Brands Limited, a subsidiary of the company has purchased an additional 2.36 per cent equity stake in Genesis Colors Limited (GCL) for about Rs 9.89 crore, taking its total stake in GCL to 11.65 pc.
GCL was incorporated in November, 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/Joint ventures.
GCL belongs to a similar industry as Reliance Brands Limited, RIL said in a filing with BSE. GCLs annual turnover in FY 2017-18 is Rs. 86.02 crore (provisional). GCL reported a turnover of Rs. 80.04 crore and Rs. 114.16 crore in FY 2016-17 and FY 2015-16 respectively. No regulatory approvals were required for the said acquisition of shares. (UNI)