Reliance Consumer Products Ltd. will acquire 51% stake in Lotus Chocolate Co., in what is expected to spur competition among the likes of Nestle India Ltd. and ITC Ltd.
The fast-moving consumer goods arm of Reliance Retail Ventures Ltd. will acquire 65,48,935 shares from the promoters Prakash P Pai, Ananth P Pai and other members of the promoter group of the listed chocolate firm at Rs 113 apiece, aggregating up to Rs 74 crore, according to its statement.