R & B Denims Limited (BSE:538119) agreed to acquire 20% stake in Ricon Industries for INR 50 million on September 1, 2023. Ricon reported turnover of INR 2.2 billion in FY 22-23. The board of R & B Denims Limited has approved the acquisition. The transaction is expected to be completed within 120 days.

R & B Denims Limited (BSE:538119) completed the acquisition of 20% stake in Ricon Industries on September 1, 2023.