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Reliance Consumer to acquire confectionery brands Ravalgaon Sugar, including Coffee Break and Paan Pasand, in a $Offer of 27 million rupees.
Ravalgaon Sugar Farm, owner of brands like Mango Mood, Coffee Break, Tutty Fruity, Paan Pasand, Choco Cream and Supreme, has sold its trademarks, recipes and all intellectual property rights to Reliance Consumer Products Ltd (RCPL), according to a regulation. presentation.
In the filing, Ravalgaon Sugar Farm said its board “approved the sale, transfer and assignment of the trademarks, recipes, all intellectual property rights, including all rights, interests and protections associated therewith, relating to the business of boiled sugar confectionery from the company to RCPL.for a consideration of $27 crores.”
A transfer deed was also executed from its promoters Harshavardhan Bharat Doshi, Nihal Harshavardhan Doshi and Lalan Ajay Kapadi, he added.
RCPL is a subsidiary of Reliance Retail Ventures Ltd (RRVL), which is the retail arm of Mukesh Ambani-led Reliance Industries Ltd.
The deal “does not provide for the sale of all the company’s assets and liabilities,” Ravalgon said, adding that it will continue to hold all other assets such as properties, land, plants, buildings, equipment, machinery, etc., once finalized. of the proposed transaction.
According to Ravalgaon Sugar, it has found it difficult to sustain its boiled sugar confectionery business in recent years.
“It has lost market share due to increased competition from organized and unorganized players in this industry. At the same time, its profitability has been affected by the sustained rise in prices of raw materials, energy and labor without the ability to effectively control and pass on input price increases to their customers beyond the Re 1 price,” he said.
RCPL has the ambition to be a relevant player in the consumer goods segment. Earlier this month it launched its consumer packaged goods brand ‘Independence’. Prior to this, Reliance had acquired local soft drink brand Campa.
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