RIL Retail Acquires 96% Holding in Urban Ladder for Rs 182 Cr
Urban Ladder is in the business of operating a digital platform for home furniture and decor products.
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL), has acquired equity shares of Urban Ladder Home Decor Solutions Private Limited (UrbanLadder) for a cash consideration of Rs 182.12 crore.
The investment represents 96 percent holding in the equity share capital of Urban Ladder. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 percent of the equity share capital of Urban Ladder.
RRVL proposes to make a further investment of up to Rs 75 crore. The further investment is expected to be completed by December 2023.
Urban Ladder was incorporated in India on 17 February 2012. It is in the business of operating a digital platform for home furniture and decor products. It also has a chain of retail stores in several cities across India.
Urban Ladder's audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit/(Loss) of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in FY 2019, FY 2018 and FY 2017 respectively.
No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies has any interest in the transaction.
(This article has been published in arrangement with IANS)
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