Reliance acquires Urban Ladder's 96% stake for Rs 186 crores
New Delhi : Billionaire Mukesh Ambani-owned Reliance Industries’ retail has acquired 96 per cent stake in online furniture retailer Urban Ladder for over Rs 182 crore.
“Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL) , has acquired equity shares of Urban Ladder Home Decor Solutions Pvt Ltd for a cash consideration of Rs 182.12 crore,” RIL said in a statement on Saturday.
“RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of Urban Ladder,” it said.
Other than this Reliance has announced an extra investment of up to Rs 75 crores in Urban Ladder for better growth.
“The further investment is expected to be completed by December 2023,” it said.
With this, the company is aiming a better growth in e-commerce segment as it aims to compete with online giants Amazon and Flipkart.
“The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings,” the statement said.
In August, RIL had acquired a majority stake in digital pharma marketplace Netmeds for around Rs 620 crore.