Reliance Industries Ltd is in talks to acquire a stake in home styling brand Portico, owned by Creative Group. Launched in 2005, Portico provides bed, bath and top of bed solutions. Currently, over 200 outlets showcase its products. "The deal is almost done...The company (Portico) could be integrated with Alok Industries too," the Economic Times quoted a source as saying.
Also read: Twitter, Google, WhatsApp, Instagram, Netflix, Spotify search for grievance, nodal officers In February 2020, Reliance had announced acquisition of 37.7 per cent stake in textile manufacturer Alok Industries Ltd for Rs 250 crore. The company had bid jointly with JM Financial Asset Reconstruction Co Ltd for acquiring Alok Industries, which was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans. "Despite its relatively late entry into the market, Portico India swiftly made up for lost time and is currently ranked as the #2 player in the country. Its main prowess continues to be in the bed and bath segment but is rapidly becoming a formidable player in home and interiors too," the company profile on Portico website says. Portico also has a subsidiary in New York, however, it is not part of the negotiations between the companies, the publication said.
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