MUMBAI: Mukesh Ambani led Reliance Brands Limited, a subsidiary of Reliance Industries Ltd, has acquired Rhea Retail Pvt. Ltd. Reliance acquired 100 per cent stake in the company for $30 million (Rs 203.46 crore)in an all cash deal. 

Rhea was incorporated in 2007 and is in the business of selling of products in India for expectant mothers and in general merchandise for children. The company’s turnover for  FY 2017-18 stood at Rs 200 Cr.

With this acquisition, Reliance Brands will expand its product portfolio. 

The acquisition of Rhea does not fall under related party transaction and none of the promoters / promoter group / group companies have any interest in Rhea.

Reliance Brands has a portfolio of over 40 international brands. These include luxury, bridge-to-luxury, high-premium and high-street lifestyle segments such as Gas, Diesel, Marks & Spencer and Steve Madden.

In 2017, Reliance Brands acquired a 46.6 per cent stake in Genesis Luxury Fashion Pvt. Ltd, which operates brands such as Michael Kors, Armani and Canali.