Reliance Retail to Buy Stake in Just Dial for Rs. 3,497 Crores

Oil-to-telecoms conglomerate Reliance Industries’s retail arm is shopping for an almost 41 p.c stake in search and database agency Just Dial for Rs. 3,497 crores, the businesses stated late on Friday.

Billionaire Mukesh Ambani-owned Reliance Retail may even make an open supply to public shareholders of Just Dial to accumulate an extra 26 percet, in keeping with regulatory necessities.

Reliance has been on an acquisition spree to ramp up its on-line retail choices and, over the previous three years, has purchased British toy retailer Hamleys, music streaming service Saavn, on-line furnishings retailer Urban Ladder and e-pharmacy Netmeds.

The cope with Just Dial, topic to shareholder and different approvals, will assist Reliance get entry to the corporate’s huge service provider database that spans throughout the nation.

The deal will enhance “the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises,” Isha Ambani, a director at Reliance Retail, stated within the assertion.

Just Dial has a database of about 30.4 million listings as on 31 March 2021 and will get client site visitors of about 129.1 million distinctive customers every quarter.

The capital infusion from the deal will assist Just Dial increase discovery on its platform and enhance transactions for tens of millions of its services.

Just Dial’s Managing Director VSS Mani will proceed to steer the corporate, the assertion stated.

© Thomson Reuters 2021