Reliance Industries to buy majority stake in home fashion brand 'Portico'
Mukesh Ambani-owned Reliance Industries plans to buy a majority stake in home fashion brand Portico.
The fast-emerging brand is owned by the Creative Group that manufactures and sells bed and bath products through its own stores as well as other online and offline retailers.
In February last year, Reliance had said it would acquire a 37.7 per cent stake in Alok Industries for Rs 250 crore, after it bid jointly with JM Financial Asset Reconstruction Co for the bankrupt textile manufacturer.
Despite its relatively late entry into the market, Portico India swiftly made up for lost time and is currently ranked as the Number 2 player in the country. Its main prowess continues to be in the bed and bath segment but is rapidly becoming a formidable player in home and interiors too.
Portico also has operations in New York, but that entity is not part of the deal negotiations.
