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Entrepreneur
a day ago
- Business
- Entrepreneur
Reliance Retail Acquires Kelvinator to Boost Presence in Consumer Durables Market
The acquisition, announced recently, is seen as a strategic step toward expanding Reliance's footprint in the premium home appliances segment. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Reliance Retail, a subsidiary of Reliance Industries, has acquired home appliance manufacturer Kelvinator in a move aimed at strengthening its position in India's growing consumer durables sector. The acquisition, announced recently, is seen as a strategic step toward expanding Reliance's footprint in the premium home appliances segment. "This integration brings together Kelvinator's long-standing legacy of innovation and Reliance Retail's widespread network, enabling us to deliver high-quality, globally benchmarked products to Indian households," the company stated. It added that the move will support the goal of making aspirational living more accessible to a wider population. Isha M Ambani, Executive Director of Reliance Retail Ventures Limited, highlighted the broader vision behind the acquisition. "Our mission has always been to serve the diverse needs of every Indian by making technology accessible, meaningful, and future-ready," she said. "With Kelvinator joining our ecosystem, we are expanding our offerings of trusted global innovations to consumers across the country." Industry observers see this acquisition as a significant development in Reliance's retail strategy. With Kelvinator now part of its portfolio, the company is poised to deepen consumer engagement and drive long-term growth in the rapidly evolving consumer durables landscape.
Hans India
4 days ago
- Business
- Hans India
RelRetail buys Kelvinator
New Delhi: Reliance Retail on Friday announced the acquisition of consumer durables brand Kelvinator in a bid to accelerate its growth in the rapidly expanding premium home appliances market across company, however, did not disclose the financial details of the transaction. The acquisition is poised to significantly amplify the company's leadership in India's fast-growing consumer durables sector, Reliance Retail said in a statement. 'The acquisition of Kelvinator marks a pivotal moment, enabling us to significantly broaden our offering of trusted global innovations to Indian consumers. This is powerfully supported by our unmatched scale, comprehensive service capabilities, and market-leading distribution network,' Reliance Retail Ventures Ltd Executive Director Isha M Ambani said. She further said, 'This is powerfully supported by our unmatched scale, comprehensive service capabilities, and market-leading distribution network.' By integrating Kelvinator's rich legacy of innovation with Reliance Retail's expansive retail network, the company is set to unlock substantial consumer value and accelerate growth in the rapidly expanding premium home appliances market across India, Reliance Retail said. This synergy will ensure that high-quality, globally-benchmarked products are accessible to every Indian household, enhancing their daily lives, it added. For over a century, Kelvinator pioneered electric refrigeration for home use globally. In India, it achieved iconic status in the 1970s and 80s with its memorable tagline, ''The Coolest One'' and continues to be revered for its cutting-edge technology, superior performance, enduring quality, and exceptional value, the statement added.
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Business Standard
4 days ago
- Business
- Business Standard
Jio Financial Services ties up with Allianz Group for 50:50 reinsurance JV
Jio Financial Services (JFSL) on Friday said that it has entered into a binding agreement with Munich-based Allianz Group, through its wholly owned subsidiary Allianz Europe B.V., to form a 50:50 reinsurance joint venture. Additionally, the company also said that it has entered into a non-binding agreement with the Allianz Group to set up equally owned joint ventures for both life and general insurance businesses in the country. 'The potential partnership for insurance will see two trusted financial services brands — JFSL and Allianz — coming together to deliver innovative and holistic protection solutions to the people of India,' the company said in a statement late on Friday night. According to the company, the reinsurance JV will leverage Allianz's existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz's global setup, including its pricing, risk selection, and portfolio management expertise. Allianz Re has been reinsuring risk in India for over 25 years. 'The reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity — ultimately strengthening the resilience of the entire insurance ecosystem. The JV will launch operations post receipt of statutory and regulatory approvals,' the company further said. Allianz was the JV partner with Bajaj Finserv for more than 20 years and had two insurance JVs — Bajaj Allianz Life and Bajaj Allianz General. Allianz had a 26 per cent stake in both the insurance companies. In October last year, Allianz expressed its intention to split with Bajaj Finserv, and in March this year, Bajaj Finserv announced that it will buy Allianz's stake in both the JVs for ₹24,180 crore. Following the split, speculation was rife that Allianz and JFSL would come together to form insurance JVs. According to Isha M Ambani, Non-executive Director, JFSL, this partnership, combining Allianz's global reinsurance expertise with JFSL's deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customised reinsurance solutions to insurers. 'Aligned with the national goal of 'Insurance for All by 2047', we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian,' Ambani said. 'We are proud to partner with JFSL to support the democratisation of access to world-class financial services for the people of India, with the opportunity to serve a growing number of consumers who are seeking the right protection for themselves, their families, and their businesses,' said Oliver Bäte, Chief Executive Officer, Allianz SE. Currently, India's insurance sector has one state-owned reinsurer — General Insurance Corporation (GIC Re). Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, has recently received the insurance regulator's nod for a reinsurance company. Additionally, there are 13 foreign reinsurance branches (FRBs) set up by global reinsurance companies, including Munich Re, Swiss Re, and Lloyd's of London, operating in India.
Time of India
4 days ago
- Business
- Time of India
Reliance Retail acquires home appliances brand Kelvinator
Reliance Retail MUMBAI: Reliance Retail has acquired home appliances brand Kelvinator for India from Sweden's Electrolux as it looks to expand market share in the consumer durables space, stepping up competition against global and local giants such as Samsung and Tata's Voltas in the market. Reliance Retail has already been holding manufacturing and distribution rights for the brand in India since 2019 through a licensing deal signed with its Swedish owner. The company did not disclose the financial specifics of the deal. In an earnings update, Electrolux, however, said that it has realised a gain of about $18.5 million (around Rs 160 crore) from the divestment of the Kelvinator brand in India. A licensing deal is typically signed for a certain period of time; a full acquisition expands a company's scope and coverage for the brand. Kelvinator which sells a range of premium refrigerators, washing machines and air conditioners had first entered India in 1960s and became popular in the local market in the 1970s and 80s before competition in the space intensified. The brand has had a chequered history in India—Whirlpool for India had acquired the brand in 1995 to gain access to the refrigerator category and later it went on to get acquired by Videocon Industries in the mid 2000s, eventually being relaunched by Reliance Retail in 2019. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Reliance Retail already sells Kelvinator products through Reliance Digital stores, e-commerce platforms and its general trade partners. Flexible payment schemes and EMI plans offered by brands have fuelled appetite for premium consumer durables, broadening the customer base for the segment. Reliance Retail said that it will leverage its vast retail network and Kelvinator's expertise in innovation to boost its growth in the premium home appliances market. 'The acquisition of Kelvinator marks a pivotal moment, enabling us to significantly broaden our offering of trusted global innovations to Indian consumers. This is powerfully supported by our unmatched scale, comprehensive service capabilities and market-leading distribution network,' Isha M Ambani, executive director at Reliance Retail Ventures said in a statement. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India.com
4 days ago
- Business
- India.com
After Campa Cola, now Mukesh Ambani, Isha Ambani to disrupt this segment, Reliance Retail acquires…, spent Rs 1600000000 for…
Mukesh Ambani's Reliance Retail has acquired the well-known home appliances brand Kelvinator, which was highly popular during the 1970s and 80s. With this acquisition, Reliance aims to further strengthen its presence in the consumer durables sector. Reliance Retail Acquires Kelvinator It pegged the transaction value at SEK 180 million (nearly Rs 160 crore), as the country's largest retailer seeks to accelerate growth in the rapidly expanding premium home appliances market across India. Reliance Retail had earlier used the Kelvinator brand under license from Electrolux Home Products Inc. The brand offers a range of products, including refrigerators, air conditioners, air coolers and washing machines in India. 'The acquisition of Kelvinator marks a pivotal moment, enabling us to significantly broaden our offering of trusted global innovations to Indian consumers. This is powerfully supported by our unmatched scale, comprehensive service capabilities, and market-leading distribution network,' Reliance Retail Ventures Ltd Executive Director Isha M Ambani said in a statement. She further said, 'This is powerfully supported by our unmatched scale, comprehensive service capabilities, and market-leading distribution network.' While Reliance Retail did not disclose the value of the acquisition, Electrolux Group in its interim report for Q2 2025 said 'its operating income included a positive effect from the divestment of the Kelvinator trademark portfolio in India of SEK 180 million' and it had net sales of SEK 31,276 million in the quarter. How Will Acquisition Help Reliance Retail? Reliance Retail said the acquisition of the Kelvinator brand is poised to significantly amplify the company's leadership in India's fast-growing consumer durables sector. According to a joint report by EY and CII, India is the fastest-growing major market for consumer durables in the world and is expected to become the fourth-largest by 2027, with projected market size to reach Rs 3 lakh crore by fiscal year 2029. As per Crisil Ratings, the total industry size for consumer durable segment (TV, refrigerator, AC and washing machine) is estimated at around Rs 1.17 lakh crore in fiscal 2025. The total volume is estimated at 47 million units. The company said by integrating Kelvinator's rich legacy of innovation with Reliance Retail's expansive retail network, the company is set to unlock substantial consumer value and accelerate growth in the rapidly expanding premium home appliances market across India. This synergy will ensure that high-quality, globally-benchmarked products are accessible to every Indian household, enhancing their daily lives, it added. Reliance Retail has in the past boldly acquired legacy brands such as Campa Cola, in the consumer space and relaunched successfully in the market. An original American brand Kelvinator, which changed many hands before Sweden's Electrolux acquired it, is the latest to join the list. (With Inputs From PTI)
