Reliance Consumer Products Limited, the FMCG company of Mukesh Ambani’s Reliance Retail Ventures Limited (RRVL), has made the first major deal of the year 2023. Reliance Consumer will acquire 50% stake in 100-year-old company Sosyo Hajoori Beverages Pvt Ltd. In this way both the companies will have equal stake and in this Reliance Consumer will work as joint venture.
Company founded in 1923: Let us tell you that the company has its headquarters in Gujarat and it is in the soft drink business under the Sosyo brand. This company was established in 1923 and its promoter is Hazuri family. It was founded by Abbas Abdulrahim Hazuri. Headed by Abbas Hazuri and his son Aliasgar Hazuri, the company’s portfolio includes several beverage brands including Sosyo, Kashmira, Lemmy, Jinlim, Runner, Opener, Hazuri Soda and S’eau.
What did Isha Ambani say: Reliance Retail Executive Director Isha Ambani said that this investment will help us to empower and grow local heritage brands. We welcome the age-old Sosyo brands to our consumer brand portfolio.
Speaking on the joint venture with Reliance Consumer, Abbas Hazuri, Chairman, Sosyo Hazuri Beverages Pvt Ltd said, “We are delighted to enter into this partnership. The deal could help Sosyo rapidly expand its reach. With this JV, Reliance hopes to further strengthen its portfolio in the beverages segment after acquiring the iconic brand Campa.