Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures (RRVL) has completed the acquisition of a controlling stake in Lotus Chocolate Company Ltd, the company said in a press release on Thursday.RCPL completed the acquisition of a 51% stake in Lotus Chocolate for an aggregate consideration of Rs 74 crore and subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore.RCPL has also completed the acquisition of equity shares pursuant to the open offer made under SEBI Takeover Regulations. RCPL took sole control of the company with effect from May 24, 2023, it said in its statement.In late December, RCPL had said it will acquire 51% in Lotus Chocolate Company for Rs74 crore and will also buy another 26% in an open offer.The capital infused by the FMCG arm of Reliance Industries will help drive the growth and expansion of Lotus into a comprehensive confectionery, cocoa, chocolate derivatives and related products manufacturer across industrial and consumer market spectrum, it said in a statement.“The investment in Lotus underlines our commitment to further boost indigenously developed daily use high-quality products, to serve a broad customer spectrum at affordable prices,” Isha Ambani, the executive director of Reliance Retail, was quoted as saying in the release.The chocolate company posted sales of Rs87 crore during the year ended March 2022 with net profit of Rs6 crore. “We are delighted to enter into this partnership with Reliance. We have a vision to build a world class confectionery products business across customer segments backed by best-in-class manufacturing capabilities and talent. Our strategic partnership with Reliance, through this investment, will further enable this vision and accelerate Lotus’ transformation,” Abhijit Pai, Founder-Promoter of Lotus, said.The acquisition of Lotus Chocolate is part of Reliance Retail’s strategy to build the fast-moving consumer goods (FMCG) business that the firm recently forayed into. It will see RIL’s arm compete with confectionery makers Britannia Industries and Nestle India.RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and is the holding company of all the retail businesses under the RIL group. At the annual general meeting in August 2022, RIL chairman Mukesh Ambani had announced the conglomerate’s plan to enter into the booming FMCG segment.Domestic passenger vehicles sales expected to stay strong this fiscal, says Tata Motors’ Shailesh ChandraWhy brokerage Bernstein sees Reliance winning India ecommerce war in long runStrong performance of Indian banks to continue, says S&P analystDGCA asks Go First to submit revival plan in 30 daysBCCI may wait for Zee-Sony merger to sell media rights for India’s bilateral cricket matchesDisney Star sees record IPL viewership after 66 matches, TVR logs 43% growth for week 7Acquirer of Silicon Valley Bank announces layoffs at the failed institution; no impact on team based in IndiaReliance completes acquisition of Lotus ChocolateEOGEPL partners with Sensia for digitalisation of oil, gas field opsBikano launches range of frozen products in international market