"The acquisition of minority stake is in the nature of strategic investment,” RIL said in its disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Future101, incorporated in July 2013, is engaged in manufacturing, distribution and sale of luxury apparels, etc in India. The company reported annual turnover of ₹22.18 crore, ₹20.85 crore and ₹17.11 crore in FY 2017-18, FY 2016-17 and FY 2015-16, respectively.
No regulatory approvals were required for the said acquisition of shares, as the investment does not fall within related party transaction and none of RIL’s promoter/promoter group/group companies have interest in Future101, RIL said. (RKS)
Fibre2Fashion News Desk – India