India: Reliance acquires chocolate maker Lotus

Reliance Consumer Products, the FMCG arm of Indian retail major Reliance Retail Ventures, has announced the acquisition of a 51% stake in Lotus Chocolate for 74 crore INR ($8.95 million).

Lotus Chocolate is a global manufacturer of chocolates and cocoa products, with a fully integrated manufacturing facility that supplies both businesses and consumers. Its brands in the consumer space include Chuckles, Superr Carr, On & On, Kajoos, Milky Punch and Tango.

Commenting on the acquisition, Isha Ambani, executive director at Reliance Retail Ventures, stated: “The investment in Lotus underlines our commitment to further boost indigenously developed daily use high-quality products, to serve a broad customer spectrum at affordable prices”.

Abhijit Pai, founder-promoter of Lotus, added: “We are delighted to enter into this partnership with Reliance. We have a vision to build a world class confectionery products business across customer segments backed by best-in-class manufacturing capabilities and talent. Our strategic partnership with Reliance, through this investment, will further enable this vision and accelerate Lotus’ transformation”.

Source: Economic Times / Lotus Chocolate