On Thursday, Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures, said it would acquire a 51% stake in Lotus Chocolate for Rs 74 crore.

RCPL will also open an offer to Lotus’s public shareholders to acquire up to 26% of the shares. Also, certain promoter group entities of RCPL and Lotus will subscribe for 5,07,93,200 non-cumulative redeemable preference shares of Rs 10 face value, the company said in a statement.

RCPL said the infused capital would help drive Lotus’ growth and expansion into an integrated manufacturer of confectionery, cocoa, chocolate derivatives and related products across industrial and consumer markets.

Isha Ambani, Executive Director of Reliance Retail Ventures, said: “Reliance is delighted to partner with Lotus, which has created a strong cocoa and chocolate derivatives business through commercial insight and perseverance. The investment in Lotus underscores our high-quality daily drive to further Locally developed supply promises to serve a broad customer base at affordable prices.”

Recently, RCPL launched its consumer-packaged goods brand ‘Independence’ in Gujarat and planned to roll it out across the country. Earlier, Reliance acquired local soft drink brand Campa for its foray into FMCG. It is reportedly in talks to acquire Garden, Lahori Zeera and Bindu Beverages, among others.

Reliance Industries’ retail arm, Reliance Retail Ventures, operates more than 16,500 company-owned stores with more than 2 million merchants in the grocery, electronics, apparel, pharmacy, underwear, home and furniture, and beauty and personal care categories. It also operates an omnichannel business network through Jio Mart, Ajio, Netmeds, Zivame and other online channels.

In the B2B space, Reliance Retail recently acquired 100% of Metro Cash & Carry for Rs 2,850 crore.