Mukesh Ambani-helmed Reliance Industries is in advanced negotiations to buy Justdial from its founding promoters for $800-900 million. Once completed, the deal will allow Reliance access to the 25-year-old listings company’s merchant database. A formal announcement is expected on July 16. The listings company has called for a board meeting on the day, as mentioned in a report in The Economic Times. Justdial is the market leader in the local search engine segment with 150 million average quarterly unique visitors. The company operates across platforms like mobile, apps, website and a telephone hotline with the number 8888888888.
Just Dial is a 25 year old information search and listings company. The company has network across the country. If this deal happens, then Reliance Retail will get the benefit of Just Dial’s merchant database. While Reliance has become the largest organized retailer in the country, Just Dial is the market leader in the local search engine segment. Just Dial’s mobile, apps, website and 8888888888 telephone hotline have an average of 150 million unique visitors on a quarterly basis.
Managing Director VSS Mani and his family hold 35.5% stake in the company with a current value of Rs 2387.9 crore. Reliance Industries is planning to buy a partial stake from Mani. Also an additional 26% stake can be taken through an open offer. If the open offer is fully subscribed, Reliance will have more than 60% stake and Mani will continue the company’s operations as a junior partner.
