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Reliance Brands Limited (RBL) has announced that it has inked a Joint Venture with Italian company Plastic Legno SPA by acquiring a 40% stake in the company's toy-making business.
Plastic Legno SPA is owned by the Sunino group which has about 25 years of toy production experience in Europe. The group also manufactures food storage goods, baby items, and other items. The group started its business in India in 2009 out of a need to develop a strong production hub that would cater to global markets while targeting the evolving and growing Indian market.
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According to RBL, this investment serves two purposes. It brings vertical integration into the company's toy business and diversifies the supply chain with a long-term strategic interest in building toy manufacturing in India.
RBL, a subsidiary of Reliance Retail Ventures Limited, the retail subsidiary of Reliance Industries, owns the British toy manufacturer Hamleys, the homegrown brand Rowan, and several other brands. Hamleys currently has its presence in 15 countries. The connections and strengths of RBL and the expertise of Plastic Legno SPA will greatly assist the JV.
“We have important development plans to implement, 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 great development,” said Paolo Sunino, co-owner of the Sunino Group.
Article by Aman Agarwal.
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