Reliance Industries shares gained 3.16 percent to close at Rs 1,367.15 on Tuesday after its retail company acquired ITC's menswear brand John Players.
"The acquisition would strengthen Reliance Retail's readymade garments and accessories portfolio in the fashion and lifestyle retail space," Reuters said quoting Reliance's email.
Consumer goods company ITC sold the brand John Players and related trademarks and intellectual property to Reliance Retail as part of its restructuring plan, Reuters said quoting ITC spokesperson.
The two companies, however, did not disclose the financial details of the deal.
Meanwhile, according to a report by The Economic Times, Reliance bought the John Players brand and distribution rights of 750 stores, in addition to 65 exclusive franchise outlets, for an estimated Rs 150 crore ($21.79 million).
Earlier this month, sources told Reuters that Reliance planned to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. First Published on Mar 26, 2019 03:39 pm