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Reliance in talks to buy stake in home fashion brand Portico

Reliance Industries is about to buy a significant stake in Portico, a home fashion brand, two people with direct knowledge of the matter said.

Portico is fast-emerging brand owned by Creative Group that manufactures and sells bed and bath products through its own stores, as well as other online and offline retailers. According to both people, Reliance approached the company for a majority stake.

"The deal is almost done," Portico could be integrated with Alok Industries too.”

In February last year, Reliance said it would acquire a 37.7% stake in Alok Industries for ₹250 crores after it bid jointly with JM Financial Asset Reconstruction Co for the bankrupt textile manufacturer.

B2B could not confirm the likely evaluation of Portico as negotiations are still underway.

Reliance and Portico did not respond till press time Monday to emails seeking comment sent in the afternoon. Portico describes himself on his website as one of the largest players in the home fashion segment.

"Despite its relatively late entry into the market, Portico India quickly made up for lost time and is currently ranked No. 2 in the country. Its main prowess continues to be in the Bed and Baths segment but is rapidly becoming a formidable player in home and interiors too. Currently, more than 200 outlets showcase Portico’s products,” the company says.     

One person said that Portico also has operations in New York, but that the entity is not part of the deal negotiations.

The talks come at a time when Reliance is on a buying spree in the digital and retail segments, seeking to create an offline ecosystem that meets all major consumer needs.

Also Read: Furlenco raises $140 million led by Zinnia Global Fund

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