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Journalism of Courage
Reliance Capital Ltd (RCL), an Anil Ambani group company, has picked up 13.2 per cent stake in Chennai-based Celebrity Fashions Ltd for a total value of Rs 15.38 crore.
In a statement here on Monday, the Rs 140 crore Celebrity Fashions, which owns the premium Indian Terrain menswear brand, said it was trying to raise funds by selling its stake.
The Celebrity Group has achieved a gross turnover of Rs 112 crore through exports and Rs 22 crore through domestic sales in the last fiscal.
Anil, who floated Anil Dhirubhai Ambani Enterprises (ADAE) following the settlement of ownership issues with his elder brother Mukesh in June, has been on an acquisition spree and looking for stake in well-managed companies.
In August, Reliance Capital along with Reliance Land Private Ltd had acquired 30.55 per cent stake in Adlabs Films, besides the company bought the entire stake of AMP and Sanmar in the life insurance business AMP Sanmar.
