Reliance Brands Looks To Acquire Zivame, Takes Over Ronnie Screwvala’s 15% Share

Reliance Brands has bought out the stake of Ronnie Screwvala-owned Unilazer Ventures in leading lingerie retailer Zivame and is in talks with other partners to take full control of the firm.

People close to the development said Reliance Brands, which sells several premium and luxury labels such as Jimmy Choo, Tiffany, Diesel and Mothercare in India, could pay up to $160 million - or about Rs 1,200 crore - for acquiring Zivame. Zodius Capital and Malaysian sovereign fund Khazanah Nasional Berhad will exit the firm, these people added.

"The deal is as good as done," a person with direct knowledge of the matter told ET. "Reliance would be buying 100% stake in the company," he said.

Reliance Brands and Zivame did not respond to emails seeking comments till press time Monday. Emails to Zodius and Khazanah Nasional Berhad went unanswered.

In an emailed response to ET, Unilazer Ventures founder Ronnie Screwvala said his company had sold its entire 15% stake in Zivame to Reliance Brands last week.

Zodius is the largest shareholder in Zivame with about 60% stake. Khazanah Nasional Bhd owns about 25%

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