Reliance Retail's arm completes acquisition of majority stake in Lotus Chocolate Company

Further to the announcement, RCPL has also subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore.

Reliance Industries' retail arm Reliance Retail Ventures Limited (RRVL) on May 25 said that its wholly-owned FMCG subsidiary Reliance Consumer Products Limited (RCPL) has completed the acquisition of a controlling stake in Lotus Chocolate Company Limited for Rs 74 crore.

With this, RCPL has taken sole control of Lotus Chocolate Company with effect from May 24, 2023.

The announcement of buying controlling stake in the company by Reliance Retail's subsidiary was announced in December last year.

Further to the announcement, RCPL has also subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore.

RCPL has earlier announced that it would make an additional open offer to the public shareholders of Lotus to acquire up to 33,38,673 equity shares of Lotus representing 26 percent of the equity share capital in accordance with the 'SEBI Takeover Regulations.'

Lotus is a business partner for the supply of cocoa and chocolate products, starting from the sourcing of cocoa beans to processing of cocoa beans and delivering chocolates. Its products are supplied to chocolate makers and chocolate users across the world, starting from local bakeries to multi-national companies.

Meanwhile, shares of Reliance Industries on May 25 closed almost flat at Rs 2,438.55 apiece on BSE.

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