Mukesh Ambani led Reliance Industries Ltd’s subsidiary Reliance Consumer Products Ltd has taken over the ownership of Ravalgaon Sugar Farm’s iconic candy brands at a deal of Rs 27-crore.
Ravalgaon Sugar Farm, which owns brands such as Choco Cream , Coffee Break, Paan Pasand, Tutty Fruity, Mango Mood and Supreme, has sold its trademarks, recipes, all intellectual property rights to Reliance Consumer, according to a regulatory filing on Friday.
However Ravalgaon will continue to hold all other assets such as plant, land, property, equipment, building, machinery, etc., even after the completion of the proposed transaction.
According to Ravalgaon Sugar, it has found it difficult in recent years to sustain its sugar-boiled confectionery business as the company has lost market share due to a sudden increase in competition from both organised and unorganised developers in this industry.