Reliance Industries Ltd. is transferring all its consumer goods brands to a new wholly-owned subsidiary as the billionaire Mukesh Ambani-led oil-to-telecom conglomerate readies for an initial public offering for its retail business.
The brands — spanning apparel, fashion, food, personal care and beverages — currently housed under Reliance Retail Ltd., Reliance Retail Ventures Ltd., and Reliance Consumer Products Ltd. will be moved to the so-called New Reliance Consumer Products Ltd. or RCPL, a National Company Law Tribunal order dated June 25 said.
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