Reliance acquires two tech firms

Reliance Industries, through its 100 per cent subsidiary RIIHL, has signed agreements to acquire C-Square Info Solutions and Grab A Grub Services. These companies will strengthen RIL's digital and e-commerce capabilities. 

Reliance Industrial Investments and Holdings Limited (RIIHL), which is a wholly-owned subsidiary of RIL will acquire equity shares of C-Square for a cash consideration of approximately Rs. 22.04 crore. RIIHL also plans to further invest upto Rs. 60 crore in the company by March 2021. These investments will translate into more than 82 per cent of C-Square's equity capital.

C-Square is a software company engaged in providing solutions to the pharma sector players including C&F, distributors, retailers, online e-commerce and sales force automation. The company had a turnover of Rs. 13.5 crore in FY18.

The second investment is in Grab A Grub Services Private Limited for a cash consideration of Rs. 106 crore with a follow-on investment of upto Rs. 40 crore by March 2021. These investments will translate into more than 83 per cent of Grab's equity capital.

The logistics services platform company Grab A Grub provides technology-enabled, asset-light logistics services for various industry verticals including B2B and B2C segments. Grab had a turnover of Rs. 28.39 crore in FY18.

Meanwhile, on Friday, the stock of Reliance Industries closed at Rs. 1226.70 per share, down by 0.39 per cent on BSE.