Reliance Spins Off FMCG, Beauty Brands Ahead IPO

Reliance Industries is spinning off all its fast-moving consumer goods (FMCG) and beauty brands into a new direct subsidiary, New Reliance Consumer Products Ltd (New RCPL), with the restructuring approved by India's National Company Law Tribunal on June 25. This move consolidates brands from Reliance Retail Ltd, Reliance Retail Ventures Ltd, and Reliance Consumer Products Ltd, including Campa Cola, Independence, and several acquired brands. Reliance Industries will retain an 83.56% stake in New RCPL. The restructuring is seen as a strategic step toward a potential mega-IPO for Reliance's retail business, which is now valued at over $100 billion. The spin-off aims to provide specialized management and attract investors focused on the high-growth consumer segment. Analysts expect the separation to facilitate a major stock market debut for Reliance's retail division.