Reliance Retail Ventures to acquire a 66.95% stake in Just Dial for $764m.

Reliance Retail Ventures, the retail arm of Reliance Industries, agreed to acquire a 66.95% stake in Just Dial, a local search platform, for $764m. Reliance Retail will hold 40.95% stake in the company and would make an open offer to acquire upto 26% in accordance with takeover regulations set by market regulator SEBI. “Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. 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," Isha Ambani, Reliance Retail Ventures Director.