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Last Updated : Oct 30, 2019 10:45 PM IST | Source: PTI

Reliance Brands raises stake in Future101 Design to 17.5%

Luxury apparel firm Future101 reported annual turnover of Rs 27.91 crore, Rs 22.18 crore and Rs 20.85 crore in 2018-19, 2017-18 and 2016-17, respectively.

 
 
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Reliance Industries Ltd (RIL) on Wednesday said its arm Reliance Brands has increased its stake in Future101 Design by 2.5 per cent to 17.5 per cent. "Reliance Brands Ltd, a subsidiary of the Company, has increased its equity shareholding in Future101 Design Private Limited (Future101) by 2.5 per cent for a consideration of Rs 2.00 crore, taking its equity shareholding in Future1 01 to 17.5 per cent," RIL said in a statement.

Luxury apparel firm Future101 reported annual turnover of Rs 27.91 crore, Rs 22.18 crore and Rs 20.85 crore in 2018-19, 2017-18 and 2016-17, respectively.

No regulatory approvals were required for the said acquisition of shares, it said.

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The investment does not fall within related party transaction and none of the company's promoter or promoter group or group companies have interest in Future101, it added.

Disclaimer: “Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”

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First Published on Oct 30, 2019 10:45 pm
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