(ANI): Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited. (RRVL), on Tuesday announced it will acquire a 50 per cent equity stake in Gujarat-headquartered Sosyo Hajoori Beverages Private Limited (SHBPL), which owns and operates a beverage business under the flagship brand 'Sosyo'.
The existing promoters, the Hajoori family, will continue to own the remaining stake in SHBPL.
Sosyo is a heritage Indian brand with around 100 years of legacy in carbonated soft drinks (CSD) and juices. Established in 1923 by Abbas Abdulrahim Hajoori, the company is one of the leading players in the domestic soft drinks market.
A Reliance Retail release said the acquisition will enable RCPL to enhance its beverage portfolio and SHBPL will accelerate growth of brands by leveraging Reliance's knowhow, distribution and retail network.
SHBPL, operated by Abbas Hajoori and his son Aliasgar Hajoori, has several beverage brands in its portfolio including Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, Hajoori Soda and S'eau having launched over 100 flavours with its strong expertise in developing formulations. The Sosyo brand boasts a loyal customer base in Gujarat.
Speaking on the investment, Isha Ambani, Executive Director, Reliance Retail Ventures Limited, said this investment "helps us take forward our vision of empowering local heritage brands and presenting them with new growth opportunities".
"We welcome the desi power of century-old Sosyo's heritage beverage brands to our consumer brand portfolio and are confident that our know-how, consumer insights and retail distribution strengths will help accelerate the growth momentum of Sosyo."
The release said RCPL aims to empower Indian consumers with a bouquet of indigenously developed consumer brands and products that offers superior value.
The company's brand portfolio currently includes the iconic beverage brand 'Campa' and packaged consumer products brand 'Independence' launched earlier this month.
"In addition, RCPL is creating a distinct and dedicated retail distribution network for its fast-expanding consumer brands portfolio," the release said.
Speaking on the joint venture with RCPL, Abbas Hajoori, Chairman, Sosyo Hajoori Beverages Private Limited, said it is a defining moment in the company's near 100-year journey in beverages.
“We are delighted to enter into this partnership with Reliance Consumer Products, a strong and willing partner that can help Sosyo rapidly scale up its reach. Combining our relative strengths, we would make the unique-tasting beverage products of Sosyo accessible to all the consumers in India. It is a defining moment in our near 100-year journey in beverages.”