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Reliance Industries inks pacts to acquire startups Grab, C-Square Info Solutions; investments to boost e-commerce initiatives

New Delhi: RIL-arm Reliance Industrial Investments has entered into agreements to acquire logistics services platform Grab and software firm C-Square Info Solutions.

Reliance Industries, in a regulatory filing, said its wholly owned subsidiary Reliance Industrial Investments and Holdings has entered into an agreement for acquisition of equity shares of
Grab A Grub Services Private Limited ('Grab') 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 percent of equity capital in Grab on a fully diluted basis," RIL said.

Logistics services platform Grab was incorporated on 29 October, 2014. It provides technology-enabled asset light logistics services for various verticals.

 Reliance Industries inks pacts to acquire startups Grab, C-Square Info Solutions; investments to boost e-commerce initiatives

File photo of Mukesh Ambani. AFP

"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 acquisition of equity shares of C-Square Info Solutions Private Limited ('C-Square') 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 18 July, 2002. It provides software solutions with specific focus on pharma sector for various stakeholders including C&F, distributors, retailers, online ecommerce, sales force automation, etc.

"The aforesaid investment will further enable the group's digital commerce initiatives and solutions," RIL said, adding that no regulatory approvals are required for this investment.
The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in the transaction, it said.

(Disclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)

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Updated Date: Mar 04, 2019 07:43:49 IST