NEW DELHI: Reliance Industries controlled Reliance Industrial Investment and Holdings(RIIHL), has picked up majority stakes in two companies, Grab A Grub Services and C-Square Info Solutions, the petroleum-to-retail-to-telecommunications conglomerate announced on Saturday.
In two separate filings made to the Bombay Stock Exchange, RIL said that RIIHL has agreed to pay Rs 106 crore to acquire equity shares in Mumbai-based logistics platform Grab A Grub, and will invest an additional Rs 40 crore in the fouryear-old company.
“(The deal) is likely to be completed by March 2021.The total investment will translate into about 83% of equity capital in Grab on a fully diluted basis,” RIL said in its submission to the exchanges.
Reliance’s interest in Grab A Grub, which provides technology-enabled, asset light logistics services for various verticals, was first reported by Times of India last week.
Proceeds from the investment will be used to “further augment the group’s digital commerce initiatives and strengthen its logistics services, catering to both B2B and B2Csegments”, the filing stated.