Reliance Industries announced that Reliance Brands, a subsidiary of the company, has purchased an additional 8.14% equity stake in Genesis Colors (GCL) for about Rs 341.7 million, taking its total stake in GCL to 9.29%.

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.

This acquisition will add to the existing portfolio of branded fashion retail outlets. GCL's annual turnover in FY 2017-18 is Rs.86.02 crore (provisional). GCL reported a turnover of Rs 800.4 million and Rs 1.14 billion in FY 2016-17 and FY 2015-16, respectively.

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.  

Shares of the company declined Rs 9.05, or 0.8%, to trade at Rs 1,119.50. The total volume of shares traded was 31,829 at the BSE (9.33 a.m., Monday).