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Reliance Retail’s controlling stake in Just Dial

Reliance Retail Ventures Limited, which manages companies related to the retail business of the country’s largest private company Reliance Industries, has announced to take a controlling stake in Just Dial for about Rs 3500 crore.

In a statement issued here today, the company said that an agreement has been entered into with the promoters of Justdial in this regard.

Reliance Retail Ventures Ltd will take 40.95 per cent stake in Just Dial and will acquire 26 per cent stake under an open offer. In this way, Reliance Retail will have a controlling stake in Just Dial.
BVS Mani, the founder of Just Dial, will continue to be the Managing Director and Chief Executive Officer of the company even after this acquisition.