Reliance Industries (RIL) on Friday announced that its retail arm, Reliance Retail, would acquire a controlling stake in Just Dial for Rs 3,497 crore. 

Reliance Retail will buy 40.95 per cent stake from Just Dial and will make an open offer to acquire up to 26 per cent in accordance with the takeover regulations. 

V S S Mani would continue as managing director and chief executive officer to lead Just Dial through the next phase of growth, Reliance said in a stock exchange filing. 

Speaking on this transaction, Isha Ambani, the director of Reliance Retail, said: “Reliance is excited to partner with Just Dial and V S S Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants and micro, small and medium enterprises.” 

The capital infused by Reliance Retail would help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services, Reliance said. 

“These investments will leverage Just Dial’s existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users,” it said. 

Mr Mani, the Founder and CEO of Justdial, said: “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 strategic partnership with Reliance enables us to realise this vision and transform the business going forward.”