Reliance Industries (RIL) has acquired 96 per cent stake in Urban Ladder, one of the leading online furniture retailers in India.
A statement released by RIL said, “Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL), has acquired equity shares of Urban Ladder Home Decor Solutions Pvt Ltd for a cash consideration of Rs 182.12 crore.”
Further it said, “RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of Urban Ladder.”
The company has also proposed to invest 75 crore in Urban Ladder, and it is likely to happen by December 2020. This acquisition is expected to boost RIL’s presence in the e-commerce market in India. In a similar move, RIL has acquired a major stake in online pharma seller, Netmeds in the month of August.
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