Reliance Retail acquires Shri Kannan Departmental Store for Rs 152.5 cr

Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL), has acquired Shri Kannan Departmental Store Private Limited (SKDS) for a consideration of Rs 152.5 crore

RRVL will acquire 7,86,191 equity shares representing 100 per cent of the equity share capital of SKDS, which was incorporated on September 15, 1999.

The company is engaged in the business of retailing fruits & vegetables, dairy, staples, home and personal care and general merchandise to consumers.

SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 600,000 sq. ft.

The company's revenue from operations stood  at Rs 415 crore, Rs 450 crore and Rs 481 crore, while the net profit stood at Rs 2 crore, Rs 3  crore and Rs 4 crore in  2018-19, 2017-18 and 2016-17,  respectively.

The  aforesaid  investment will further strengthen the group’s retail  operations  and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives. No governmental or regulatory approvals were required for the said investment, said RIL.