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By CNBCTV18.com May 25, 2023 5:41:58 PM IST (Published)
With a total investment of Rs 74 crore, RCPL has secured a majority stake in LOTUS and now it has full control over the premium chocolate company, effective as of May 24, 2023.
Reliance Consumer Products Limited (RCPL), a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), has successfully completed the acquisition of a 51 percent controlling stake in Lotus Chocolate Company Limited (LOTUS) on Thursday, May 25.
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With a total investment of Rs 74 crore, RCPL has secured a majority stake in LOTUS, solidifying its commitment to diversify its product portfolio and expand its presence in the FMCG sector, the company informed in a statement.
In addition, RCPL has subscribed to non-cumulative redeemable preference shares of LOTUS, amounting to Rs 25 crore.
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