Richest Indian Mukesh Ambani-led Reliance Industries has raised stake in Genesis Colors Ltd by just over three per cent to 49.46 percent for Rs 8.32 crore.

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The firm's subsidiary, Reliance Brands Ltd "purchased an additional 3.07 per cent equity holding in Genesis Colors Ltd (GCL) for about Rs 8.32 crore, taking its total stake in GCL to 49.46 percent," RIL said in a regulatory filing.

GCL was incorporated in November, 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures.

GCL belongs to a similar industry as Reliance Brands Ltd.

"This acquisition will add to the existing portfolio of branded fashion retail outlets," it said.

GCL's annual turnover in 2017-18 was Rs 86.02 crore.

"No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of RIL's promoter / promoter group / group companies have interest in GCL," it added.

First Published:Aug 24, 2018 7:50 PM IST