Mumbai: Reliance Industries has entered into agreements to acquire logistics services platform Grab A Grub in a bid to augment the group’s digital commerce initiatives and strengthen its logistics services.
The Mukesh Ambani-owned group said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd (RIIHL) has entered into an agreement for the acquisition of equity shares of Grab A Grub Services Private Ltd for a cash consideration not exceeding Rs 106 crore.
“RIIHL will further invest an amount of up to Rs 40 crore and is likely to be completed by March 2021. The total investment will translate into 83 per cent of equity capital in Grab on a fully diluted basis,” RIL informed stock exchanges.
Logistics services platform Grab was incorporated on October 24, 2014. It provides technology-enabled asset-light logistics services for various verticals.
“The aforesaid investment will further augment the group’s digital commerce initiatives and strengthen its logistics services, catering to both B2B and B2C segments,” RIL said, adding that no regulatory approvals are required for this investment.
In a separate filing, RIL said RIIHL has entered into an agreement for the acquisition of equity shares of C-Square Info Solutions Private Limited for a cash consideration not exceeding around Rs 22.04 crore.
“RIIHL will further invest an amount of up to Rs 60 crore and is likely to be completed by March 2021. The total investment will translate into 82 per cent of equity capital in C-Square on a fully diluted basis,” RIL said.
C-Square is a software company incorporated on July 18, 2002. It provides software solutions with specific focus on pharma sector for various stakeholders including clearing and forwarding, distributors, retailers, online e-commerce and sales force automation.
The investment does not fall within related party transactions and none of RIL’s promoter, promoter group or group companies has any interest in the transaction, it said.
[source_without_link]ANI[/source_without_link]