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Mukesh Ambani-owned Reliance Retail Ventures Ltd (RRVL) has acquired a 100 per cent stake in Shri Kannan Departmental Store Private Ltd (SKDS) for ₹152.5 crore.
RRVL is a subsidiary of Reliance Industries Ltd. The company acquired 7,86,191 equity shares of SKDS.
SKDS, is a 20-year-old company and is engaged in the business of retailing fruits & vegetables, dairy, staples, home & personal care and general merchandise to consumers. SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 6 lakh sq. ft.
“The investment will further strengthen the group’s retail operations and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives,” said RIL in a regulatory filing.
SKDS reported revenue from operations of ₹415 crore, ₹450 crore and ₹481 crore and net profit of ₹2 crore, ₹3 crore and ₹4 crore in FY2018-19, FY2017-18 and FY2016-17 respectively.
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