Reliance Consumer Products Ltd, a subsidiary of Reliance Retail Ventures Ltd, a unit of the Mukesh Ambani-led Reliance Industries Ltd, has acquired Ravalgaon Sugar Farm's iconic candy brands in a Rs 27-crore deal. Ravalgaon Sugar Farm, which owns brands such as Mango Mood, Coffee Break, Tutty Fruity, Paan Pasand, Choco Cream and Supreme, has sold its trademarks, recipes, all intellectual property rights to Reliance Consumer, according to a regulatory filing on Friday.
A deed of assignment by promoters Harshavardhan Bharat Doshi, Nihal Harshavardhan Doshi, and Lalan Ajay Kapadi has also been executed.
The Ravalgaon deal, however, "does not envisage a sale of all assets and liabilities of the company".
Ravalgaon will continue to hold all other assets such as property, land, plant, building, equipment, machinery, etc., after the completion of the proposed transaction.
According to Ravalgaon Sugar, it has found it difficult in recent years to sustain its sugar-boiled confectionery business as the company has lost market share due to a surge in competition from both organised and unorganised players in this industry.
(With PTI inputs)
