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Reliance Retail Ventures, the retail arm of Reliance Industries, acquires a controlling stake in local search and listing firm Just Dial. Reliance Retail will acquire a 40.95% stake through preferential allotment of 2.11 crore shares at Rs 1,022.25 apiece, totaling Rs 2,164.9 crore.

Reliance Retail will also make an open offer for an additional 26% of the public shareholding and buy shares from the listing firm’s founders via secondary purchases. Reliance’s retail arm looks to acquire a 66.95% stake in Just Dial through the combination of transactions.

According to the press release, VSS Mani will continue to lead Just Dial as managing director and chief executive officer.

The investment will leverage Just Dial’s existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users (as of March 31, 2021).

“Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers. Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward,” Mani said.

The transaction is subject to shareholder and other customary closing conditions and approvals.