Bengaluru:
Reliance Industries has said that it will buy a 83% stake in Mumbai-based hyper-local logistics startup Grab a Grub Services for Rs 146 crore through a mix of fresh investment and buying shares from existing investors, according to a filing made to the stock exchanges.
“The investment will augment the group’s digital commerce initiatives and strengthen its logistics services, catering to both B2B and B2C segments,” said the company. The acquisition is being made through RIL’s subsidiary Reliance Industrial Investments and Holdings. TOI was the first to report about the deal in its February 28 edition.
Besides Grab, Reliance said it is also acquiring a 82% stake in Bengaluru-based C-Square Info Solutions, which provides software solutions with focus on the pharma sector, for Rs 82 crore. Some of the clients of the company include Apollo Pharmacy and Adcock Ingram.
Both these acquisitions will help Reliance with new commerce push which is expected to be launched by telecom arm Reliance Jio and Reliance Retail. RIL chief Mukesh Ambani had last year outlined the company’s online-to-offline (O2O) approach.
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