After the acquisition of a controlling stake in Lotus Chocolate Company (LOTUS) on 29 December 2022, Reliance Consumer Products (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures (RRVL) has completed the acquisition of a 51 per cent controlling stake in LOTUS for an aggregate consideration of Rs 74 crore.
Subscribed to non-cumulative redeemable preference shares of LOTUS for an aggregate consideration of Rs 25 crore.
RCPL has also completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations. RCPL has taken sole control of LOTUS with effect from 24 May 2023.
RRVL, through its subsidiaries and affiliates, operates an integrated omnichannel network of 18,040 stores and digital commerce platforms across Grocery, Consumer Electronics, Fashion & Lifestyle and Pharma consumption baskets and has partnered with over 3 million merchants through its New Commerce initiative.
RRVL reported a consolidated turnover of 260,364 crore and a net profit of 9,181 crore for the year ended 31 March 2023.
Lotus is one of India’s select manufacturers of the finest chocolates, cocoa products and cocoa derivatives.