Indian retailer Reliance Industries has bought Swedish company Electrolux’s Kelvinator, an electronics seller of refrigerators, air conditioners and washing machines. 

The acquisition was made by Reliance’s retail arm, which is increasing its presence in the fast-growing consumer durables market.

Reliance Retail has also expanded its private-label portfolio and home electronics and appliances, boosted by rising incomes, urbanization and competition.

Kelvinator, founded in the US, had a strong international presence in the 1970s and 1980s, including in India, but lost ground around the 1990s, when global competition entered the market and shifted consumer preferences.

Electrolux stated in its quarterly report that it had booked a gain of $18.5 million from the divestment of the brand.