The Business Bytes
TBB BUREAU
MUMBAI, JULY 16
Reliance Industries on Friday announced that its retail arm Reliance Retail Ventures Limited (RRVL) will acquire controlling stake in Just Dial for Rs 3,497 crore.
The Mukesh Ambani-owned company will hold 40.95 per cent, and will make an open offer to acquire up to 26 per cent in accordance with takeover regulations, the company said in a stock exchange filings.
VSS Mani shall continue to lead Just Dial as Managing Director and Chief Executive Officer, Reliance Retail said in a release.
“Reliance Retail would make a public announcement to the public shareholders of Just Dial to acquire up to 2.17 crore equity shares of Just Dial, representing 26 per cent in accordance with SEBI takeover regulations,” it added.
Speaking on the transaction, RRVL Director Isha Ambani said Reliance is excited to partner with Just Dial. “The investment in Just Dial underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises.”
Just Dial founder and CEO VSS Mani said nearly 25 years ago, the company had a to build a platform for providing fast, free, reliable and comprehensive information to users, and connect buyers to sellers.
“Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realise this vision and transform the business going forward,” he added.
