Mukesh Ambani's Reliance To Acquire 40 Per Cent Stake In Italian Toy Makers' Indian Unit
The acquisition was done by Reliance Brands Limited, a subsidiary of Reliance Retail Ventures Ltd, the retail arm of RIL through a joint venture arrangement
Mumbai: After acquiring the British iconic toy brand Hamleys in 2019, Mukesh Ambani-led Reliance Industries Limited (RIL) has agreed to acquire a 40 per cent stake in Plastic Legno SPA, the Italian toy manufacturer's Indian unit.
The acquisition was done by Reliance Brands Limited, a subsidiary of Reliance Retail Ventures Ltd, the retail arm of RIL through a joint venture arrangement.
This investment by RBL serves a dual purpose, bringing in vertical integration for RBL’s toy business and helping diversify the supply chain with a long-term strategic interest in building toy manufacturing in India, said a Reliance statement.
Plastic Legno SPA is owned by the Sunino group that boasts of more than 25 years of toy production experience in Europe. The group started its India business in 2009 out of a need to develop a strong production hub that would cater to global markets, but more importantly to the fast-evolving and growing Indian market.
“Keeping with our honourable Prime Minister’s vision of Atmanirbhar India, this collaboration with Plastic Legno’s deep experience in world-class toy manufacturing coupled with our strong footing in the global toy retail industry would open new doors and unparalleled opportunities for toys manufactured in India. It is imperative for RBL to build design to shelf capability for a strategic advantage over the competition and to be an accelerator in building a robust toy manufacturing ecosystem in India not only for domestic consumption but also for global markets.” said spokesperson of Reliance Brands Limited.
RBL has a strong play in the Toy industry with its portfolio of Hamleys, the British toy retailer, and homegrown toy brand – Rowan, making RBL one of the leading toy distributors.
Hamleys currently has a global footprint across 15 countries with 213 doors and is India's largest chain of toy stores.
“We are very privileged to have RBL as a partner in this Joint Venture. We are confident that Plastic Legno’s experience in Toys production and Hamley’s commercial outreach, will complement one another to enable the JV Company to achieve greater heights and success. We have important development plans to implement, always in the spirit of creating a cultural background in this specific sector in India. We are ready for the challenges of the future, but when there is a group like RBL alongside, we are sure that together we can do a great development,” said Paolo Sunino, Co-owner, of Sunino Group.
RIL shares on the BSE closed down marginally at Rs 2,632 in a weak Mumbai market on Wednesday, valuing RIL at Rs 17,80,701 crore.
Before You Go
BREAKING NOW: Indore fire tragedy as EV short circuit triggers deadly explosions
Top Headlines
