NEW DELHI: 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 stake and would make an open offer to acquire up to 26 per cent in accordance with takeover regulations.
VSS Mani shall continue as managing director and chief executive to lead Just Dial through the next phase of growth, Reliance Retail said in a release.
Speaking on this transaction, Isha Ambani, director of RRVL, said: "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. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward."
The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform, the company stated.
These investments will leverage Just Dial’s existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users (as on March 31, 2021), it added.
