Reliance Consumer Products (RCP), the FMCG arm of Reliance Retail Ventures (RRV), has announced that it will acquire a 50 per cent stake in Gujarat-based Sosyo Hajoori Beverages, the owner of soft drink brand Sosyo.
The Hajoori family, who are the existing promoters, will continue to own the remaining stake in the 100-year-old beverage company.
A product of the Swadeshi movement of the Indian independence struggle, Sosyo was established in 1923 by Abbas Abdulrahim Hajoori. Sosyo Hajoori Beverages is a leading player in the domestic soft drinks market. Operated by Abbas Hajoori and his son Aliasgar Hajoori, it has several beverage brands in its portfolio including Sosyo, Kashmira, Lemee, Ginlim, Runner, Opener, Hajoori Soda and S’eau. It has launched over 100 flavours with its strong expertise in developing formulations.
The Sosyo brand has a loyal customer base in Gujarat.
“With this joint venture, Reliance will further strengthen its portfolio in the beverage segment having already acquired the iconic brand Campa. In addition, Sosyo’s expertise in formulations can be leveraged to develop unique value propositions for the product portfolio and consumers,” it said in a stock exchange filing.
Isha Ambani, executive director, RRV said in the release, “We welcome the desi power of the century-old Sosyo’s heritage beverage brands to our consumer brand portfolio and are confident that our knowhow, consumer insights and retail distribution strengths will help accelerate the growth momentum of Sosyo.”
RCP intends to offer a bouquet of Indian consumer brands and products with superior value, it said in its filing. It added that its brand portfolio includes Campa and packaged consumer products brand Independence.
In addition, RCP is creating a retail distribution network for its consumer brands portfolio.
Abbas Hajoori, chairman, Sosyo Hajoori Beverages, said, “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.”
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))