Reliance Industries Limited's subsidiary, Reliance Retail, may acquire Bajaj Electronics parent company, Electronics Mart India, according to a report by The Business Standard.
The Electronics Mart India (EMI) has 60 stores and claims to be one of the largest businesses in South India. The company deals with electronic goods, home entertainment products and personal care devices.
DH independently could not verify the report.
A source told the publication that the ask price for the acquisition deal, if it goes through, would be Rs 3,000 crore.
The electronics chain was started by Pavan Kumar Bajaj in 1980.
If the acquisition comes through, it will boost Reliance Retail’s presence in the South Indian markets, and also help build the company’s offline presence.
The South Indian company competes with other chains such as Chroma, Vijay Sales, Girias, and other gadget companies that are popular in South India.
“The company is expecting more investors to come on board in the coming months and will be deploying funds in acquiring new markets,” the source added.