(Reuters) -India’s Reliance Industries said on Friday its retail unit has acquired home appliance maker Kelvinator from Electrolux, as it looks to expand into the fast-growing consumer durables market.
Electrolux in a quarterly earnings update recognised a gain of 180 million Swedish crowns ($18.5 million) from the divestment of Kelvinator brand in India.
Reliance did not disclose financial details of the deal.
Kelvinator is best known for its range of refrigerators.
Reliance Retail has a network of ‘Reliance Digital’ stores that sell electronics, ranging from smartphones and laptops to washing machines and fridges. The company’s investors include the likes of Qatar Investment Authority and KKR.
($1 = 9.7064 Swedish crowns)
(Reporting by Manvi Pant; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
