Mukesh Ambani will now sell Paan Pasand, will make this confectionery brand his name.
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Mukesh Ambani, the richest man in India and Asia, has now become the owner of another company. Reliance Consumer has decided to acquire Rawalgaon Sugar Farm’s confectionery brands like Coffee Break and Paan Pasand. This means that now FMCG company Reliance Consumer Products will sell the confectionery products of Rawalgaon Sugar Farm. This deal has been done between the two companies for Rs 27 crore.
Under this deal, trademarks, recipes and intellectual property rights will also be with Reliance. Rawalgaon has given information about this deal between the two companies on Friday. Let us tell you that Rawalgaon Sugar Farm was associated with brands like Mango Mood, Coffee Break, Tutti Frutti, Paan Pasand, Choco Cream and Supreme, which will be acquired by Reliance after this deal.
Under this deal, Rawalgaon Sugar Farm has sold the trademarks, production recipes and all intellectual property rights of these products to Reliance Consumer Products Limited (RCPL). RCPL is a subsidiary of Reliance Retail Ventures Limited (RRVL), the retail arm of Reliance Group. Rawalgaon Sugar Farms said in a stock exchange filing that its board of directors has approved the sale and transfer of trademarks and intellectual property rights of these brands to RCPL in a deal worth Rs 27 crore.
However, Rawalgaon Sugar said that even after completion of the proposed transaction, all other assets such as property, land, plant, buildings, equipment, machinery will continue to be retained by it. The company said it has found it difficult to sustain its confectionery business in recent years. It has lost market share due to increased competition from both organized and unorganized players.
Let us tell you that Rawalgaon Sugar Farm was established by businessman Walchand Hirachand in the year 1933. The company started its toffee manufacturing business in the year 1942 itself. The company runs a total of nine brands like Paan Pasand, Mango Mood and Coffee Break.
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