Reliance retail companies has injected Rs 300 crore of equity into its newly established fast moving consumer goods entity, Confidence consumer products (RCPL), through optional fully convertible bonds (OFCDs), lists an ET report. According to RCPL‘s latest fiscal financial statement, Rs 277 crore, has already been injected into the company. Notably, this marks the company’s promoters’ first significant capital injection into the company.
Reliance Retail Ventures serves as the holding company for all of Reliance Industries’ retail operations. The allocations took place on February 1 and March 31, the report said.
During this period, RCPL received shareholder approval to issue and allocate up to 300,000,000 zero-coupon unsecured OFCDs with a par value of Rs 10 each on a legal basis to its existing holders of shares as stated in RCPL’s filing. RCPL currently has a registered capital of Rs 1 crore, whose subscribed, subscribed and fully paid-up capital is Rs 1 lakh. The company started operations on November 30, 2022.
In addition, the report discloses that RCPL has paid Rs 200 crore to acquire a 50% stake in Gujarat’s Sosyo Hajoori Beverages. This joint venture aims to expand RCPL’s presence in the beverage sector, primarily using the Sosyo brand following the acquisition of the Campa brand.
At the time of writing, an email sent to RCPL remains unanswered.
According to an industry insider, Reliance Retail Ventures plans to inject additional cash into RCPL during the current fiscal year as part of its strategic effort to expand its FMCG business nationwide.
An executive who declined to be identified said the company has ambitious plans to penetrate all segments as FMCG represents its newest focus.
Isha Ambanidirector of Reliance Retail Ventures, recently expressed satisfaction with the strong start of the FMCG business, achieved through market entry in numerous categories through various brands and strategic partnerships.
Reliance Retail Ventures serves as the holding company for all of Reliance Industries’ retail operations. The allocations took place on February 1 and March 31, the report said.
During this period, RCPL received shareholder approval to issue and allocate up to 300,000,000 zero-coupon unsecured OFCDs with a par value of Rs 10 each on a legal basis to its existing holders of shares as stated in RCPL’s filing. RCPL currently has a registered capital of Rs 1 crore, whose subscribed, subscribed and fully paid-up capital is Rs 1 lakh. The company started operations on November 30, 2022.
In addition, the report discloses that RCPL has paid Rs 200 crore to acquire a 50% stake in Gujarat’s Sosyo Hajoori Beverages. This joint venture aims to expand RCPL’s presence in the beverage sector, primarily using the Sosyo brand following the acquisition of the Campa brand.
At the time of writing, an email sent to RCPL remains unanswered.
According to an industry insider, Reliance Retail Ventures plans to inject additional cash into RCPL during the current fiscal year as part of its strategic effort to expand its FMCG business nationwide.
An executive who declined to be identified said the company has ambitious plans to penetrate all segments as FMCG represents its newest focus.
Isha Ambanidirector of Reliance Retail Ventures, recently expressed satisfaction with the strong start of the FMCG business, achieved through market entry in numerous categories through various brands and strategic partnerships.
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