New Delhi: Reliance Industries, owned by Asia's richest man Mukesh Ambani, is likely to buy a majority take in domestic fashion brand Portico. In a media report, two persons have confirmed the deal. Portico is a fast-growing brand owned by Creative Group, which operates offline stores as well as online stores. The company manufactures and sells bed and bath products.
According to the report, Reliance had approached to acquire the company's majority take. The deal is almost finalised. Portico's name can also be associated with Alok Industries. In February last year, RIL had said it would acquire a 37.7 per cent stake in Alok Industries for Rs 250 crore after jointly bidding with JM Financial Asset Reconstruction Company for the bankrupt textile maker.
According to Portico's website, it is one of the most legendary players in the home fashion segment. Even after entering the market relatively late, Portico India is currently the No.2 player in the country. Portico also operates in New York, but that unit is not part of the deal. The talks come at a time when Reliance is competing for purchases in the digital and retail segment, which is trying to create an online-offline ecosystem that meets all the key consumer needs.