Reliance buys home appliances maker Kelvinator from Sweden's Electrolux

Reliance Industries said on Friday its retail unit has acquired home appliance maker Kelvinator from Electrolux, as it looks to expand into the fast-growing consumer durables market.

Electrolux in a quarterly earnings update recognised a gain of 180 million Swedish crowns ($18.5 million) from the divestment of Kelvinator brand in India. 

Reliance did not disclose financial details of the deal.

Kelvinator is best known for its range of refrigerators.

Reliance Retail has a network of 'Reliance Digital' stores that sell electronics, ranging from smartphones and laptops to washing machines and fridges. The company's investors include the likes of Qatar Investment Authority and KKR.