(Reuters) -India's Reliance Industries said on Friday its retail unit has acquired home appliance maker Kelvinator from Electrolux, as it looks to expand into the fast-growing consumer durables market
Reliance Industries Acquires Kelvinator from Electrolux in Sweden
Reliance's Strategic Move into Home Appliances
(Reuters) -India's Reliance Industries said on Friday its retail unit has acquired home appliance maker Kelvinator from Electrolux, as it looks to expand into the fast-growing consumer durables market.
Details of the Acquisition
Electrolux in a quarterly earnings update recognised a gain of 180 million Swedish crowns ($18.5 million) from the divestment of Kelvinator brand in India.
Impact on Reliance Retail
Reliance did not disclose financial details of the deal.
Kelvinator is best known for its range of refrigerators.
Reliance Retail has a network of 'Reliance Digital' stores that sell electronics, ranging from smartphones and laptops to washing machines and fridges. The company's investors include the likes of Qatar Investment Authority and KKR.
($1 = 9.7064 Swedish crowns)
(Reporting by Manvi Pant; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
