Reliance Retail – the retail arm of billionaire Mukesh Ambani-led Reliance Industries Limited, now holds the sole control of local search engine platform Just Dial Limited, with a stake of 40.98 percent. The country’s leading retailer has taken sole control of the internet technology B2B company in accordance with the Securities and Exchange Board of India (SEBI) takeover regulations with effect from September 1, 2021
Just Dial offers local search and e-commerce services through its website, mobile apps, and telephone line. From local plumbers to hotels and housekeeping services can be inquired about by just dialing 8888888888.
Key Points of the acquisition
- On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani, founder and chief executive of Just Dial, in a block deal.
2. Just Dial had 30.4 million listings and 129.1 million quarterly unique users across the web, mobile, App, and voice
platforms as of March 31, 2021
3. RRVL now holds 40.90 percent in Just Dial
4. RRVL will now make an open offer to buy a 26 percent stake from other shareholders of Just Dial.
5. Mr. VSS Mani will continue to lead Just Dial as its managing director and chief executive officer (CEO).
Reliance Industries recent acquisitions
1 Reliance acquired a 60 percent stake in the pharma marketplace Netmeds parent firm Vitalic for Rs 620 crore in August 2021
2. It acquired online furniture startup Urban Ladder for Rs 182.12 crore in a distress sale in November 2021
Reliance Industries share price target
Motilal Oswal has a buy call on Reliance Industries for a target of Rs 2485 within one year.
Reliance Industries Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 148591.00 Crore, down -6.03 % from last quarter’s Total Income of Rs 158133.00 Crore and up 60.39 % from last year same quarter Total Income of Rs 92641.00 Crore. The company reported a net profit after tax of Rs 13843.00 Crore in the latest quarter.