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Reliance Industries to buy 87.6% stake in Fynd for Rs 295 crore

The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to 1 billion rupees by December 2021 in Fynd.

twitter-logo Reuters        Last Updated: August 3, 2019  | 21:44 IST
Reliance Industries to buy 87.6% stake in Fynd for Rs 295 crore
Indian energy and telecoms conglomerate Reliance Industries Ltd will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for 2.95 billion Indian rupees ($42.33 million), it said in a statement.

Indian energy and telecoms conglomerate Reliance Industries Ltd will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for 2.95 billion Indian rupees ($42.33 million), it said in a statement.

The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to 1 billion rupees by December 2021 in Fynd, a software technology company formed in September 2012.

Also Read: Reliance Industries Q1 results: Profit up 6.8% at Rs 10,104 crore, revenue jumps 22%

Reliance Industries already runs retail stores and has announced plans to diversify into e-commerce.

Fynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms.

Amazon.com Inc is in talks with Reliance's retail unit to buy a stake in its retail business, two sources with knowledge of the talks told Reuters on Friday.

Also Read: Reliance Industries overtakes Indian Oil on Fortune Global 500 list

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