Reliance Industries may buy majority stake in home fashion brand Portico

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New Delhi: Mukesh Ambani-owned Reliance Industries may buy a majority stake in home fashion brand Portico, the Economic Times mentioned in a report citing two people with direct knowledge of the matter. 

Portico is a fast-emerging brand owned by the Creative Group that manufactures and sells bed and bath products through its own stores as well as other online and offline retailers.

The above-mentioned sources told the publication that Reliance had approached the company for a majority stake. “The deal is almost done,” one of them told ET. “The company (Portico) could be integrated with Alok Industries too.”

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

On its website, Portico describes itself as one of the largest players in the home fashion segment. “Despite its relatively late entry into the market, Portico India swiftly made up for lost time and is currently ranked as the Number 2 player in the country. Its main prowess continues to be in the bed and bath segment but is rapidly becoming a formidable player in home and interiors too,” the company says.

Portico also has operations in New York, but that entity is not part of the deal negotiations, one of the people cited above tolf the financial daily.

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