Days after Reliance Industries, announced its entry into the FMCG space, the conglomerate is now reportedly in talks to acquire a batch of retail companies.
According to a report in the Economic Times, Reliance is in talks to buy brands such as Garden Namkeens from CavinKare, Lahori Zeera and Bindu Beverages.
Last week, the company acquired the iconic Campa brand to manufacture the cola-flavoured beverage.
Reliance is at an “advanced stage” of negotiations with the companies and this is in line with the company’s strategy, one of the persons aware of the developments said.
Reliance Industries on August 29 announced that it would enter the fast-moving consumer goods (FMCG) business this year as part of its expansion plan.
Addressing the 45th AGM of Reliance Industries on Monday, Reliance Retail Ventures Ltd (RRVL) Director Isha Ambani said: "This year, we will launch our FMCG goods business".
The objective of this business will be to develop and deliver products and solve every Indian's daily needs, with high-quality products at affordable pricing, she said.
The Indian FMCG market is estimated to be over $100 billion and is largely dominated by firms, such as HUL, Reckitt, P&G, Nestle, Dabur, Emami and Marico. By entering this space, Reliance will now compete with Adani Wilmar and other FMCG companies.
(With agency inputs)