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.
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.”