Winning Bizness Desk
Mumbai. India's second richest man Mukesh Ambani will now sell chocolates. For this, Reliance Consumer Products Limited, a subsidiary of Reliance Retail Ventures, has bought 51% stake in Lotus Chocolate Company. For Rs 74 crore, 65,48,935 shares of Lotus have been acquired at a price of Rs 113.00 per share. It has also announced an open offer for an additional 26% (33,38,673 shares) stake in Lotus. After this agreement of Reliance, shares of Lotus Chocolate climbed 5% during Friday's trading. It increased by Rs 5.85 to reach Rs 122.95. The stock has gained Rs 24.50 or 24.89% in 5 trading days. On the other hand, if we talk about one year, the company has given a return of 10.92%. A year ago on 30 December 2021, the share price was Rs 110.85. The company has given a return of 410% in 5 years.
What Isha Ambani said ?
Isha Ambani, Executive Director, Reliance Retail Ventures, said, “Reliance is excited to partner with Lotus, who have built a strong cocoa and chocolate derivatives business. Our investment in Lotus underlines our commitment to further promote indigenously developed high quality products of everyday use. We look forward to working with the experienced management team of Lotus. Lotus has a cocoa and chocolate derivatives business. Its products come in the market under the brand names of 'Chuckles', 'On and On', 'Super Care' and 'Tango'. Lotus has a cocoa and chocolate derivatives business. Its products come under the brand names of 'Chuckles', 'On and On', 'Super Care' and 'Tango'.
Lotus started its operations in 1992
Lotus Chocolates is one of the leading manufacturers of the finest chocolates, cocoa products and cocoa derivatives. The company incorporated in 1988 started operations in 1992. The promoters of the company at that time were T Sharada (famous South Indian film actor) and Vijayaraghavan N (engineer). In 2008, the company was taken over by Hyderabad-based businessmen Prakash Pai and Anant Pai as promoters. The company launched its products in the market under the brand names of 'Chuckles', 'On and On', 'Super Care' and 'Tango' which became quite popular. The company's range of Pure Cocoa Butter Chocolates, and its derivatives like Cocoa Butter and Cocoa Powder have entered the industrial market as well as bakeries and top 5 star hotel kitchens in India. The company also manufactures gifting chocolates for different occasions.