Business News | Reliance Brands Inks JV with Plastic Legno to Boost Toy Manufacturing in India
Get latest articles and stories on Business at LatestLY. Reliance Brands Limited (RBL) said on Wednesday it has signed a joint venture (JV) agreement with Plastic Legno through which it will acquire a 40 per cent stake in Italian firm's toy manufacturing business in India.
Mumbai (Maharashtra) [India], June 1 (ANI): Reliance Brands Limited (RBL) said on Wednesday it has signed a joint venture (JV) agreement with Plastic Legno through which it will acquire a 40 per cent stake in Italian firm's toy manufacturing business in India.
Plastic Legno SPA is owned by Sunino group which has over 25 years of toy production experience in Europe. The Italy-based group started its India business in 2009.
Also Read | Reliance Brands To Buy 40% in Toymaker Plastic Legno SPA.
"Keeping with Prime Minister's vision of Atmanirbhar India, this collaboration with Plastic Legno's deep experience in world-class toy manufacturing coupled with our strong footing in the global toy retail industry would open new doors and unparalleled opportunities for toys manufactured in India," a spokesperson of Reliance Brands Limited said in a statement.
"It is imperative for RBL to build design to shelf capability for a strategic advantage over the competition and to be an accelerator in building a robust toy manufacturing ecosystem in India not only for domestic consumption but also for global markets," the spokesperson added.
RBL has a strong play in the Toy industry with its portfolio of Hamleys, the British toy retailer and homegrown toy brand - Rowan, making RBL one of the leading toy distributors. Hamleys currently has a global footprint across 15 countries with 213 doors and is India's largest chain of toy stores.
"We are very privileged to have RBL as a partner in this joint venture. We are confident that Plastic Legno's experience in Toys production and Hamley's commercial outreach, will complement one another to enable the JV Company to achieve greater heights and successes," said Paolo Sunino, co-owner, Sunino Group.
"We have important development plans to implement, always in the spirit of creating a cultural background in this specific sector in India. We are ready for the challenges of the future, but when there is a group like RBL alongside, we are sure that together we can do a great development," Sunino said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)