Reliance Retail to Buy Nearly 41 Percent Stake in Just Dial for Rs. 3,497 Crores

 Reliance Retail to Buy Nearly 41 Percent Stake in Just Dial for Rs. 3,497 Crores

Reliance will also make an open offer to public shareholders of Just Dial to acquire an additional 26 percent.

Reliance has been on an acquisition spree to ramp up its online retail offerings

HIGHLIGHTS

• Reliance has bought Hamleys, Saavn, Urban Ladder, Netmeds in past year
• The Just Dial deal is subject to shareholder and other approvals
• Just Dial's Managing Director will continue to lead the company

Oil-to-telecoms conglomerate Reliance Industries's retail arm is buying a nearly 41 percent stake in search and database firm Just Dial for Rs. 3,497 crores, the companies said late on Friday.

Billionaire Mukesh Ambani-owned Reliance Retail will also make an open offer to public shareholders of Just Dial to acquire an additional 26 percet, according to regulatory requirements.

Reliance has been on an acquisition spree to ramp up its online retail offerings and, over the past three years, has bought British toy retailer Hamleys, music streaming service Saavn, online furniture retailer Urban Ladder and e-pharmacy Netmeds.