Under the arrangement, RIL will transfer its existing textile business into the JV for a cash consideration. RIL will own 51 percent in JV
Moneycontrol Bureau
Reliance Industries on Tuesday said it was forming a joint venture with China's Shandong Ruyi Science and Technology Group for its textile business, which operates under the Vimal brand.
Under the arrangement, RIL will transfer its existing textile business into the JV for a cash consideration. RIL will own 51 percent in JV, and the proposed transaction is subject to requisite approvals, the company said in its release.
Ruyi, a leading textile company in China with revenues in excess of USD 3 billion, has a global presence and a portfolio of brands such as 'Taylor & Lodge', 'Harris Tweed', 'Royal Ruyi China', 'Nogara Italy' and 'Indios Italy'.
"The JV will build on RIL's existing textile business and wide distribution network in India as well as Ruyi's state-of-the-art technology and its global reach. The JV will benefit from the strength of the 'Vimal' and 'Georgia Gullini' brands and plans to introduce some of the well-known global brands
of Ruyi," the release said.
Commenting on the deal, Nikhil R. Meswani, Executive Director, Reliance Industries Ltd., said: "Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high growth path. Our partner's deep commitment and global reach in textile business will enable this JV to harness the growth potential of the Indian market and emerge as a global textile player".
Reliance stock price
On December 09, 2014, Reliance Industries closed at Rs 939.30, down Rs 5.75, or 0.61 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 794.00.
The company's trailing 12-month (TTM) EPS was at Rs 69.65 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 13.49. The latest book value of the company is Rs 609.19 per share. At current value, the price-to-book value of the company is 1.54.
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