July 18 (Reuters) - Reliance Industries said

on Friday its retail arm has bought the Kelvinator brand in

India from Sweden's Electrolux, as the Mukesh

Ambani-led group deepens its presence in the fast-growing

consumer durables market.

Reliance Retail has been expanding its private-label

portfolio and growing its footprint in home electronics and

appliances, a segment boosted by rising incomes, urbanisation,

and mounting competition.

It also operates the Reliance Digital stores, which sell

everything from smartphones and laptops to washing machines and

refrigerators.

The company has been selling Kelvinator-branded

refrigerators, air conditioners and washing machines since 2019

under a licensing pact with Electrolux, primarily through

smaller appliance retailers in general trade.

Kelvinator rose to prominence in the 1970s and 80s in India

as its refrigerators, marketed under the tagline "the coolest

one," became a symbol of aspirational living for the country's

middle class.

However, the brand lost ground after liberalisation in the

1990s, when global competitors flooded the market and consumer

preferences began to shift.

While the companies did not disclose financial details of

the deal, Electrolux said in its quarterly earnings update on

Friday that it booked a gain of 180 million Swedish crowns

($18.5 million) from the divestment of the brand.

As of June 2024, India's consumer goods market was the

fastest-growing among major economies and could nearly double to

3 trillion rupees ($34.8 billion) by 2029, according to an EY

report.

Reuters reported earlier this month that Reliance Retail is

unlikely to launch an initial public offering before 2027 or

2028. In November, sources told the news agency that the company

plans to resolve operational challenges before going public.

($1 = 9.7064 Swedish crowns)

($1 = 86.1800 Indian rupees)