Indian conglomerate Reliance Retail has acquired Telangana and Andhra Pradesh-based footwear and apparel retailer V Retail Pvt Ltd, which operates the Centro retail chain in India.
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While the company made the official announcement this week, the takeover is speculated to have taken place in December, according to multiple reports.
Financial terms of the deal were not disclosed.
Founded in 2009, V Retail is one of the largest retail brands in India and owns a chain of distribution and franchising companies in South India, made up of more than 30 stores across Andhra Pradesh, Telangana and Karnataka. Fifteen of those Centro stores are established in Hyderabad alone, with the company planning to set up nine more stores in the next six months in the southern and northern parts of India.
The news comes as Reliance Retail continues its acquisition spree. Over the last few months, it has acquired several brands, including Sosyo, Lotus Chocolate and Campa Cola, as part of its FMCG strategy.
In December, it launched its consumer-packaged goods brand Independence, which offers a range of products in several categories, including staples, processed foods and other daily essentials.
Last year, Reliance also announced the acquisition of German firm Metro AG’s wholesale operations in India to strengthen its position in India’s retail sector.