Mergers and acquisitions: Reliance Industries to buy 87.6% stake in software tech firm Fynd for Rs 295 cr

New Delhi: Indian energy and telecoms conglomerate Reliance Industries Ltd will acquire an 87.6 percent stake in Shopsense Retail Technologies, also known as Fynd, for Rs 295 crore ($42.33 million), it said in a statement. [caption id=“attachment_4368063” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to Rs 100 crore by December 2021 in Fynd, a software technology company formed in September 2012. Reliance Industries already runs retail stores and has announced plans to diversify into e-commerce. Fynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms. Amazon.com Inc is in talks with Reliance’s retail unit to buy a stake in its retail business, two sources with knowledge of the talks told Reuters on Friday. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost