Reliance Brands picks 12.5% stake in luxury apparel firm Future101 Design for Rs 9.50 crore

RIL logo. Reuters image.[/caption]In a BSE filing, Reliance Industries said, "Reliance Brands, a subsidiary of the company, has purchased 12.5 percent equity stake in Future101 Design Pvt Ltd (Future101) for Rs 9.50 crore".The acquisition of minority stake is in the nature of the strategic investment, it added.Future101 is engaged in manufacturing, distribution and sale of luxury apparels in India."Future101 belongs to a similar industry as Reliance Brands. We expect growth in this sector and value creation from this investment," the company said.Future101 reported an annual turnover of Rs 22.18 crore in 2017-18.(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)