Reliance Retail on January 31 announced that its FMCG arm has entered into strategic partnership with Sri Lanka-based biscuit brand Maliban. With this partnership, Reliance and Maliban will "develop unique value propositions that will strengthen Reliance Consumer Products Limited (RCPL) portfolio in the biscuit segment," the company said in a statement.
Maliban, a heritage brand and household name in Sri Lanka, manufactures food items including biscuits, crackers, cookies and wafers. In addition, the company has reach over 35 countries across 5 continents, Reliance Retail added.
Reliance Retail's FMCG arm RCPL had earlier launched its packaged consumer products brand, ‘Independence’ in December 2022 and is "creating a distinct and dedicated retail distribution network for its fast-expanding FMCG portfolio."
Speaking on the partnership, Isha Ambani, Executive Director, Reliance Retail Ventures Limited, said, “With a leading market position, Maliban has deep-rooted heritage and credibility. With this strategic partnership between RCPL and Maliban, we will not only be strengthening our FMCG portfolio through a great brand but will also be able to offer an excellent value proposition through quality products to our Indian consumers."
Further, Kumudika Fernando, Group Managing Director, Maliban, said, “The complementary strengths of our two organisations will enable us to bring the unique and highly sought-after tastes of Maliban to India's discerning consumers."
Meanwhile, Reliance Retail, the retail arm of diversified conglomerate Reliance Industries, clocked 17 percent year-on-year (YoY) jump in revenue from operations at Rs 67,634 crore in the quarter ended December 2022. Consolidated revenue for Reliance Retail stood at Rs 57,717 crore in the same period last year.
Net profit for the quarter rose 6.2 percent YoY to Rs 2,400 crore, from Rs 2,259 crore in Q3 FY22. This was in-line with analyst expectations.