Mothercare joined forces with Reliance Brands Holding UK to improve its position in South Asia. The company also said it refinanced its current debt lines with Gordon Brothers.

For 16 million pounds ($21 million), Reliance Brands, a division of Reliance Industries Ltd, bought a 51% share in the JV that owns the Mothercare name and related intellectual property in India, Nepal, Sri Lanka, Bhutan, and Bangladesh. Mothercare will keep the other 49%.

As part of its plan to grow in India’s clothing market, Reliance teamed up with Israeli underwear maker Delta Galil earlier in September. Within the next three to four years, the company wants to double its store business.

Mothercare said on Thursday that it had also received new 8 million pound loan lines. These will help the London-listed company pay down its debt.

“The formation of the joint venture paid for a reduction in the required facility size. This, along with the significantly lower cash interest cost, greatly improves our flexibility for FY25 and beyond,” Mothercare head Clive Whiley said in a statement.

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