Reliance to transfer consumer business to new entity as part of restructuring

Mumbai, July 4 -- Reliance Retail plans to transfer its fast moving consumer goods (FMCG) from from Reliance Retail Ltd (RRL) to a new entity called the New Reliance Consumer Products Ltd (New RCPL), as part of its internal restructuring exercise, according to scheme filed before the National Company Law Tribunal (NCLT), it has been announced.

Earlier, on June 25, the Mumbai bench of the NCLT had asked Reliance Retail to convene a meeting for approval of the internal restructuring process, under which its consumer business is transferred as a going concern.

As things stand, Reliance's consumer goods business is spread in three verticals, namely Reliance Retail Ltd (RRL), Reliance Retail Ventures Ltd (RRVL) and Reliance Consumer Products ...