Mumbai, Feb 17 (.) Reliance Consumer Products Ltd (RCPL) officially announced here on Tuesday in a filing to the stock exchange that it has entered into a deal to form a majority-owned joint venture with Nigeria-based Tropical General Investments Group (TGI Group), which will give RCPL a stronger foothold in the Nigerian market.
Established in 1980, TGI Group is an international business conglomerate headquartered in Lagos, with operations spanning Africa, the Middle East as well as Asia.
The TGI Group has a diversified presence across food, consumer goods, agribusiness, chemicals, pharmaceuticals and distribution, managing a broad portfolio of leading brands. In Nigeria, its flagship brands like Big Bull Rice, Terra Seasoning Cubes, Golden Terra Soya Oil, Renew Starch and Supramult Multivitamins reach millions of consumers daily.
Under the proposed partnership, subject to customary regulatory and legal approvals, RCPL plans to sell a wide range of its fast moving consumer goods (FMCG) products to Nigerian consumers, leveraging TGI Group’s established manufacturing capabilities and extensive distribution network across the region.
Commenting on the development, RCPL Director T Krishnakumar described the partnership as a pivotal milestone in the company’s ambition to emerge as a global FMCG player from India.
“Nigeria represents a crucial market and that TGI’s long-standing expertise in FMCG, culinary and agribusiness sectors will support RCPL’s scale-up in the region,” Krishnakumar said.
Rahul Savara, Group Managing Director of TGI Group’s Managing Director Rahul Savara said, “The partnership combines complementary strengths in product development, manufacturing, marketing and distribution. Nigeria remains one of the most compelling growth markets globally and expressed confidence in building a long-term growth platform alongside RCPL across Nigeria and West Africa”.
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