Mukesh Ambani led Reliance Industries Limited (RIL) is said to be close to buying a substantial stake in home fashion major Portico which manufactures and sells bed and bath products through its own stores as well as other offline and online retailers, Economic Times.
Portico describes itself as the number two player in the country with its main prowess being in the bed and bath segment, even as it rapidly expands in segments like home and interiors. The company says that its products are presently showcased in over 200 outlets.
It should be noted that the company also has operations in New York. However, that entity is not a part of the negotiations which are presently underway. Also, the valuations are still to be finalised for a deal to take place.
The development gains significance as RIL has been on an acquisition spree in recent times as it seeks to create an omnichannel offline-online retail ecosystem that would cater to all the major needs of the consumers.
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