Reliance Industries' retail arm is buying a roughly 41 percent interest in search and database business Just Dial for Rs. 3,497 crores, the firms said late Friday.
According to legal regulations, billionaire Mukesh Ambani's Reliance Retail will also launch an open offer to public shareholders of Just Dial to buy an additional 26 percent.
Reliance has been on an acquisition binge to expand its online retail capabilities, acquiring British toy store Hamleys, music streaming service Saavn, online furniture retailer Urban Ladder, and e-pharmacy Netmeds in the last three years.
The agreement with Just Dial, which is subject to shareholder and other clearances, will allow Reliance to have access to the company's large merchant database, which spans the country.
According to Isha Ambani, a director at Reliance Retail, the transaction will improve "the digital environment for millions of our partner merchants, micro, small, and medium companies."
As of March 31, 2021, Just Dial has a database of over 30.4 million listings and received consumer traffic of approximately 129.1 million unique users per quarter.
The deal's financial infusion will assist Just Dial in expanding discovery on its platform and increasing transactions for millions of its products and services.
According to the announcement, Just Dial's Managing Director VSS Mani will continue to oversee the firm.
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