Shares of Reliance Industries continued to slump on Friday as announcements made by its subsidiaries seem to have failed to cheer investors.
What Happened: The company’s subsidiary Reliance Consumer Products (RCPL) announced the launch of the iconic soft drink brand Campa. The company bought the brand last year in August from Pure Drinks.
The company said that it will start out with three flavours Campa Cola, Campa Lemon, and Campa Orange. The FMCG company plans to roll out the drinks across the country starting from Andhra Pradesh and Telangana. The launch puts the Mukesh Ambani led-group in competition with global soft drinks giants Coca Cola and Pepsi.
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Another one of its subsidiaries Reliance Polyester announced on Thursday that it has completed the acquisition of the polyester business of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited. The company had announced the acquisition last year for ₹1,592 crore.
Earlier on Thursday, the company announced that Jio Platforms‘ Radisys Corp is set to buy Mimosa Networks for $60 million (₹492.8 crore).
Price Action: Reliance Industries shares were trading 1.12% lower at ₹ 2,333.70 as the markets opened on Friday.
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