Bengaluru (Reuters) – Reliance Retail Ventures, India’s biggest retailer, said on Wednesday it would take a 51% stake in domestic kid’s clothing brand, Ed-a-Mamma, pursuing its aggressive expansion ahead of a potential stock market listing.
Billionaire Mukesh Ambani’s Reliance Retail Ventures raised $1 billion from Qatar Investment Authority at a $100 billion valuation last month and is in talks with global investors to raise around $2.5 billion more by the end of September.
Reliance Retail has more than 18,000 retail outlets, selling everything from groceries to electronics. In the apparel space, it has tie-ups with both domestic brands, such as fashion labels Ritu Kumar and Manish Malhotra, as well as foreign brands such as Armani and Marks & Spencer.
The joint statement by Reliance Retail and Ed-a-Mamma, owned by Indian actor Alia Bhatt, did not mention a deal value.
Ambani’s daughter Isha Ambani, who was appointed to the board of conglomerate Reliance Industries (RELI.NS) last month, leads the retail business.
