Reliance Capital picks up 13.2% stake
Anil Ambani-controlled Reliance Capital has picked up a 13.2 per cent stake in Chennai-based Celebrity Fashions Ltd.business Updated: Sep 02, 2005 12:36 IST
Anil Ambani-controlled Reliance Capital has picked up a 13.2 per cent stake in Chennai-based Celebrity Fashions Ltd, which owns the `Indian Terrain' mens-wear brand, for Rs 15.48 crore.
"Reliance Capital, part of the Anil Dhirubhai Ambani Enterprise, has picked up a 13.2 per cent equity stake in Celebrity Fashions Ltd, for a total value of Rs 15.48 crore," Chairman and Managing Director of Celebrity V Rajagopal said in a statement.
The Rs 140 crore Celebrity Fashions Group consists of two divisions, Indian Terrain-catering to the domestic market under the brand `Indian Terrian' and Celebrity Fashioins Ltd, a manufacturer and exporter of readymade garments.
On contacted, Reliance Capital spokesperson declined to comment. The Celebrity Group has achieved a gross turnover of Rs 112 crore in exports and Rs 22 crore in domestic sales for the year ended March 31, 2005.
"Besides manufacturing and marketing of finest garments in the domestic and overseas markets, the Celebrity Fashions is on a road to tremendous growth through raising funds by selling stakes to various reputed corporates. Selling stake to Ambanis is one such move," it said. Earlier in May 2005, New Vernon Bharat Ltd had invested Rs 25 crore by way of subscribe.