BENGALURU, Nov 4 (Reuters) – Reliance Retail, a unit of Indian oil-to-chemicals conglomerate Reliance Industries (RELI.NS), is set to enter the salon business and is in talks to buy a 49% stake in Naturals Salon & Spa, the chief executive of the salon chain said in a social media post on Friday.
The existing promoters of Naturals Salon-parent, Groom India Salons & Spa, could continue running operations and Reliance’s funds would help expand its network of 700 salons in 20 states by four- to five-fold, the Economic Times had earlier reported, citing executives aware of the development.
“Reliance Retail is yet to acquire the 49% of Naturals’ stake,” Naturals CEO CK Kumaravel said in a LinkedIn post, sharing the ET report.
However, neither Kumaravel nor the ET report mentioned a deal value. Naturals and Reliance did not respond to requests for comment from Reuters.
Chennai-based Naturals, founded in the early 2000s, aims to run 3,000…
