Reliance Brands aims to “strengthen the toy manufacturing ecosystem in India”, according to the statement shared in a stock exchange filing.
June 8, 2022
Reliance Brands Limited (RBL), a subsidiary of Reliance Retail Ventures, has formed a joint venture with Italian toy manufacturer Plastic Legno SPA to acquire a 40 percent stake in the latter’s toy-making business in India.
Within the agreement, Reliance Brands aims to “strengthen the toy manufacturing ecosystem in India”, according to the statement shared by the company in a stock exchange filing.
The statement read: “RBL and Plastic Legno SPA have signed a joint venture arrangement through which RBL will acquire a 40 percent stake in Plastic Legno SPA’s toy manufacturing business in India.”
Plastic Legno SPA is owned by the Sunino group, a privately held group of companies founded in Italy, which has over 25 years of experience in toy production in Europe. The group had ventured into the Indian market in 2009.
Commenting on the joint venture, an RBL spokesperson said: “Keeping with our honourable prime minister’s vision of Atmanirbhar India, this collaboration with Plastic Legno’s deep experience in world-class toy manufacturing coupled with our strong footing in the global toy retail industry would open new doors and unparalleled opportunities for toys manufactured in India. It is imperative for RBL to build design-to-shelf capability for a strategic advantage over the competition and to be an accelerator in building a robust toy manufacturing ecosystem in India not only for domestic consumption but also for global markets.”
Mr. Paolo Sunino, Co-owner, Sunino Group, said, “We are very privileged to have RBL as a partner in this joint venture. We are confident that Plastic Legno’s experience in toy production and Hamley’s commercial outreach, will complement one another to enable the JV company to achieve greater heights and success. We have important development plans to implement, always 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 a great development.”