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The capital infused by RCPL will help drive the growth and expansion of LOTUS into a comprehensive confectionery, cocoa, chocolate derivatives and related products.
Reliance Consumer Products Ltd (RCPL), a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), will acquire 51 pc controlling stake in Lotus Chocolate Company Limited and make an open offer to acquire up to 26 per cent stake.
Reliance Consumer Products Ltd. will acquire 51% stake in Lotus Chocolate Co., in what is expected to spur competition among the likes of Nestle India Ltd. and ITC Ltd. The fast-moving consumer goods arm of Reliance Retail Ventures Ltd. will acquire 65,48,935 shares from the promoters Prakash P Pai, Ananth P Pai and other members of the promoter group of the listed chocolate firm at Rs 113 apiece, aggregating up to Rs 74 crore, according to its statement.