Reliance Industries , through its subsidiary Reliance Retail, has made a significant move in India's consumer goods sector by acquiring the iconic Kelvinator brand. This strategic acquisition is set to expand Reliance Retail's presence in the appliance market and reshape the landscape of India's consumer durables industry.

A Century-Old Legacy Meets Modern Retail Giant

Kelvinator, a brand with over a century of history, is renowned for pioneering electric refrigeration for home use globally. In India, it gained iconic status in the 1970s and 80s with its memorable tagline, "The Coolest One." The brand continues to be respected for its cutting-edge technology, superior performance, enduring quality, and exceptional value.

Strategic Alignment with Reliance Retail's Vision

This acquisition aligns perfectly with Reliance Retail's mission of democratizing aspirational living. By integrating Kelvinator's rich legacy of innovation with its expansive retail network, Reliance Retail aims to:

• Unlock substantial consumer value
• Accelerate growth in the premium home appliances market
• Make high-quality, globally-benchmarked products accessible to every Indian household

Expanding Consumer Offerings

Isha M Ambani, Executive Director of Reliance Retail Ventures Limited (RRVL), emphasized the significance of this acquisition: "Our mission has always been to serve the diverse needs of every Indian by making technology accessible, meaningful, and future-ready. The acquisition of Kelvinator marks a pivotal moment, enabling us to significantly broaden our offering of trusted global innovations to Indian consumers."

Leveraging Reliance Retail's Ecosystem

With Kelvinator now part of its ecosystem, Reliance Retail is strategically positioned to:

• Accelerate category growth in the consumer durables sector
• Deepen consumer engagement
• Unlock substantial long-term opportunities in India's dynamic consumer durables market

About Reliance Retail

Reliance Retail Ventures Limited (RRVL) operates an integrated omni-channel network of 19,340 stores and digital commerce platforms across various consumption baskets. Key facts about RRVL include:

• Partnerships with over 3 million merchants through its New Commerce initiative
• Consolidated turnover of ₹330,870.00 crore
• EBITDA of ₹25,053.00 crore
• Recognition as the only Indian retailer in the global Top 100 and among the fastest-growing retailers globally, according to Deloitte's Global Powers of Retailing 2023

Acquisition Details

The acquisition of Kelvinator by Reliance Retail is aimed at expanding its presence in India's consumer durables market. This move is expected to accelerate growth in the premium home appliances segment and offer more choices to Indian consumers. While the financial details of the acquisition were not disclosed, it is clear that this strategic move will bolster Reliance Retail's position in the consumer durables sector.

This acquisition reinforces Reliance Retail's ambition to anticipate and meet the evolving demands of Indian consumers, further solidifying its position as a leader in the retail landscape. As the integration unfolds, industry observers will be keenly watching how this strategic move reshapes the consumer durables market in India.

Reliance Industries Limited (RIL), India's diversified conglomerate, has announced its quarterly results, surpassing analyst expectations with a significant increase in net profit, driven by strong performance across its business segments.

Quarterly Performance

Reliance Industries posted its highest-ever quarterly profit of ₹26,994.00 crore, marking a 78.3% increase from the previous year's ₹15,138.00 crore. The company's revenues increased to ₹2.44 lakh crore, up from ₹2.32 lakh crore year-on-year.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 10.7% to ₹42,905.00 crore, with margins improving to 17.6%.

Notably, Reliance Industries reported other income of ₹151.00 billion, representing a significant 208% increase from ₹49.00 billion in the previous quarter.

Segment-wise Performance

Oil-to-Chemicals Business

The Oil-to-Chemicals business showed strong growth supported by domestic demand and improved margins.

Retail Segment

Reliance Retail drove significant growth with the retail segment expanding its customer base to 358 million with improved operating metrics. The company added 388 new stores during the quarter, reaching a total of 19,592 locations.

Jio's Performance

Jio, Reliance's telecommunications unit, reported strong results. The company crossed 200 million 5G subscribers and reached 20 million home connects. Jio AirFiber became the world's largest FWA service provider at 7.4 million subscribers.

Oil & Gas Segment

The Oil & Gas segment experienced a marginal EBITDA drop due to natural decline in KGD6 gas production.

Future Outlook

Chairman Mukesh Ambani stated the company will maintain its track record of doubling every 4-5 years, demonstrating confidence in Reliance's growth trajectory.

Market Response

The strong performance across consumer-facing businesses, particularly in retail and telecom operations, is likely to be viewed positively by investors and analysts.

Looking Ahead

As Reliance Industries continues to expand its retail footprint and enhance its digital offerings, investors will be watching closely to see if the company can maintain this growth trajectory. The company's ability to drive growth in its consumer businesses while managing its traditional sectors will be crucial for its future market position and financial performance.