Reliance Retail picks up 66.95% stake in Just Dial for Rs 3,497 cr

VSS Mani will continue as MD and CEO of Just Dial; company reported a net loss of Rs 3.5 crore in June quarter

Reliance Industries (RIL) on Friday announced that its retail arm Reliance Retail Ventures Limited (RRVL) will acquire a controlling stake (66.95%) in India's leading local search engine platform Just Dial for Rs 3,497 crore.

Reliance Retail will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent in accordance with takeover regulations.

VSS Mani will 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.

Just Dial reported a net loss of Rs 3.5 crore for the quarter