Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Industries, has entered into a definitive agreement to form a majority-owned joint venture with Nigeria-based Tropical General Investments (TGI) Group. The arrangement is subject to customary legal and regulatory approvals.
As per the exchange filing, it is intended to establish RCPL’s presence in Nigeria, one of Africa’s largest consumer markets. The joint venture will introduce RCPL’s consumer products in the country while relying on TGI’s manufacturing and distribution network.
TGI Group was founded in 1980 and is headquartered in Lagos. The company operates across Africa, the Middle East and Asia, with interests in food, consumer goods, agribusiness, chemicals, pharmaceuticals, and distribution.
In Nigeria, its brands include Big Bull Rice, Terra Seasoning Cubes, Golden Terra Soya Oil, Renew Starch and Supramult Multivitamins, which are sold across multiple regions.
RCPL was demerged from Reliance Retail and became a direct subsidiary of Reliance Industries on December 1, 2025. The company reported gross revenue of ₹5,065 crore in the December quarter, up 60% year-on-year.
Its year-to-date gross revenue for FY26 has crossed ₹15,000 crore, around 1.8 times higher than the same period last year. Since its launch in 2022, RCPL has expanded into markets in the Middle East, South Asia, and parts of Africa.
In a separate development, RCPL acquired a 100% stake in Southern Health Foods Pvt Ltd for ₹156.42 crore in an all-cash deal completed on February 9, 2026. The company owns the Manna brand, which operates in millet-based staples, multigrain mixes, breakfast cereals, and baby food.
Southern Health Foods reported turnover of ₹109.40 crore in FY25, compared with ₹127.37 crore in FY24 and ₹126.65 crore in FY23.
Read More: Reliance Consumer Products Buys Majority Stake in Australia’s Goodness Group!
As of February 17, 2026, 9:22 am, Reliance Industries share price was trading at ₹1,425.40, a 0.81% decrease from the previous closing price.
The proposed venture gives RCPL access to local production and distribution in Nigeria through an established partner. The agreement comes as the company is expanding its product range and overseas presence.
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Published on: Feb 17, 2026, 10:29 AM IST
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