In yet another major acquisition by Mukesh Ambani’s Reliance , Reliance Retail Ventures Ltd (RRVL) has said it is acquiring 40.95 per cent stake in Just Dial for Rs 3,497 crore, bolstering its digital play in the rapidly growing online commerce market in India.
Reliance’s investment in Just Dial, a 25-year old information search and listing company, is part of the telecom to petrochemicals conglomerate’s digital bet.
Over the past many quarters, Reliance has announced a number of investments in companies like Netmeds, Urban Ladder and others.
RRVL – the retail arm of Reliance Industries Ltd – will also make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial (representing 26 per cent share in the company), in accordance with Sebi Takeover Regulations, a regulatory filing said.
Just Dial founder VSS Mani will continue as managing director and chief executive officer to lead the company through the next phase of growth, it added.
The transaction is subject to shareholder and other customary closing conditions and approvals.
RRVL director Isha Ambani said the investment in Just Dial underlines the company’s commitment to “new commerce” by further boosting the digital ecosystem for millions of its partner merchants, micro, small and medium enterprises.
“We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward,” she added.