RIL-arm Reliance Industrial Investments has reached into an agreement 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 finalized 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 said that it would further invest an amount of up to Rs 40 crore and is likely to be completed by March 2021. They even said that the total investment would translate into 83 per cent of equity capital in Grab on a fully diluted basis.
Logistics services platform Grab was formed on 29 October, 2014. This company allows technology enabled asset light logistics services for various verticals. RIL said that no regulatory approvals were required for this investment. It would also further enable the group’s digital commerce initiatives and strengthen its logistics services whilst catering to both B2B and B2C segments.
In a separate filing, RIL said RIIHL has reached an agreement for acquisition of equity shares of C-Square Info Solutions Private Limited (‘C-Square’) for a cash consideration not exceeding Rs 22.04 crore. RIL added that RIIHL would further invest an amount of up to Rs 60 crore and it will 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.
C-Square is a software company, incorporated on 18 July, 2002. It provides software solutions with special focus on pharma sector for various stakeholders including C&F, distributors, retailers, online e-commerce, sales force automation, etc. The investment does not fall within related party transactions and none of RIL’s promoter/promoter group/group companies had any interest in the transaction, it said.
