Reliance buys home appliances maker Kelvinator from Sweden's Electrolux
Reliance Retail has been expanding its private-label portfolio and growing its footprint in home electronics and appliances, a segment boosted by rising incomes, urbanisation, and mounting competition.
It also operates the Reliance Digital stores, which sell everything from smartphones and laptops to washing machines and refrigerators.
The company has been selling Kelvinator-branded refrigerators, air conditioners and washing machines since 2019 under a licensing pact with Electrolux, primarily through smaller appliance retailers in general trade.
Kelvinator rose to prominence in the 1970s and 80s in India as its refrigerators, marketed under the tagline "the coolest one," became a symbol of aspirational living for the country's middle class.
However, the brand lost ground after liberalisation in the 1990s, when global competitors flooded the market and consumer preferences began to shift.
While the companies did not disclose financial details of the deal, Electrolux said in its quarterly earnings update on Friday that it booked a gain of 180 million Swedish crowns ($18.5 million) from the divestment of the brand.
As of June 2024, India's consumer goods market was the fastest-growing among major economies and could nearly double to 3 trillion rupees ($34.8 billion) by 2029, according to an EY report.
Reuters reported earlier this month that Reliance Retail is unlikely to launch an initial public offering before 2027 or 2028. In November, sources told the news agency that the company plans to resolve operational challenges before going public.
($1 = 9.7064 Swedish crowns) ($1 = 86.1800 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
an hour ago
- Khaleej Times
Trump agrees to small reduction in Philippine tariffs after trade talks
US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos. Welcoming Marcos to the White House, Trump called him a "very tough negotiator" and said: "We're very close to finishing a trade deal — a big trade deal, actually." In a social media post shortly afterward, Trump said that while the Philippines would open up completely to US goods, he would still impose a 19 per cent tariff on products from the Southeast Asian country, a major exporter of high-tech items and apparel. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Trump wrote on his Truth Social platform. The Philippines was among two dozen economies confronted by Trump with letters this month warning of 20 per cent tariffs on all goods coming into the United States as of August 1. The 19 per cent rate is still above the 17 per cent threatened by Trump in April, when he threatened sweeping global tariffs. The trade rift comes despite increasingly close defence relations between the United States and the Philippines, a former US colony and treaty-bound ally that has seen high tensions with China. The United States last year, under Trump's predecessor Joe Biden, deployed ground-launched missiles in the Philippines. Washington has also eyed ammunition manufacturing in the Philippines, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure. "All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea," Marcos said next to Trump. Trump devoted much of the appearance to attacks on his Democratic predecessors Biden and Barack Obama. "We are essentially concerned with the defense of our territory and the exercise of our sovereign rights," said Marcos. "Our strongest, closest, most reliable ally has always been the United States."
Zawya
2 hours ago
- Zawya
Egypt: Executives of Japan Food Solutions S.A.E. paid a courtesy call on the Ambassador
On 16 July 2025, Mr. Emad Said, Senior Managing Director of Japan Food Solutions (J.F.S.) S.A.E., paid a courtesy call on H.E. Mr. Thanawat Sirikul, Ambassador of Thailand to Egypt, at the Royal Thai Embassy. Mr. Emad reported on his visit to Thailand to attend the annual Thaifex 2025 to meet with Thai entrepreneurs with whom the Embassy had matched the company. In addition, both parties discussed opportunities and potential for business cooperation between Thai and Egyptian entrepreneurs in the future, especially in the areas of food security and supply chain. Both sides agreed that products that Thailand has the potential to increase exports to Egypt include seasoned poultry and halal products, as well as investment in the hospitality, wellness and spa businesses. Meanwhile, products that Egypt is increasingly interested in exporting to Thailand include strawberries, broccoli, dried fruits and concentrate fruit juices. In addition, J.F.S. is interested in exchanging knowledge on Thai edamame cultivation techniques. Distributed by APO Group on behalf of Royal Thai Embassy, Cairo, Egypt.
Khaleej Times
3 hours ago
- Khaleej Times
Trump says confident US to reach Philippines trade deal
US President Donald Trump voiced confidence Tuesday at reaching a trade deal with the Philippines to ease his threatened tariffs as he welcomed his counterpart Ferdinand Marcos to the White House. "We're very close to finishing a trade deal. A big trade deal, actually," Trump said as he met Marcos in the Oval Office. "He's a very tough negotiator. So far we're not there because he's negotiating too tough," Trump said. But Trump, in response to questions, said he believed the two countries would ultimately reach an agreement. "We'll probably agree on something," Trump said. The Philippines, a former US colony and longtime ally, was among countries confronted by Trump with letters this month warning of 20 per cent tariffs on all their goods coming into the United States as of August 1 — up from a previous threat of 17 per cent. The trade rift comes despite increasingly close defense relations between the United States and the Philippines, which has seen high tensions with China. The United States last year under former president Joe Biden deployed ground-launched missiles in the Philippines. Washington has also eyed ammunition manufacturing in the Philippines, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure. "All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea," Marcos said. "We are essentially concerned with the defense of our territory and the exercise of our sovereign rights," he said. "Our strongest, closest, most reliable ally has always been the United States." China and the Philippines have engaged in a series of confrontations in the contested waters, which Beijing claims almost entirely, despite an international ruling that the assertion has no legal basis.
