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Money News

Reliance to buy 87.6% stake in Fynd - co statement

FILE PHOTO: A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012. REUTERS/Vivek Prakash/File Photo

NEW DELHI (Reuters) - 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.

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.

($1 = 69.6900 Indian rupees)

Reporting by Nidhi Verma; Editing by Frances Kerry

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