Reliance Dials 8888888888 to Shop for Justdial

Even as the Future Group buyout remains caught up in legal crosshairs with Amazon, Asia’s richest men Mukesh Ambani is making is making a move on his next strategic target.

Ambani telecom-to-petrochemicals conglomerate is in advanced negotiations to buy Just dial (JD) from its founding promoters in a deal worth Rs. 5,920 crores -6,660 crores ($800-900 million), said multiple sources in the know. The transaction, once successful, will help Reliance Retail leverage the merchant database of the 25-year-old information search and listings company as well as its pan-India network, to further accelerate its own local commerce and payments play.

Justdial has called for a board meeting on July 16 to “evaluate” fundraising proposals. A formal announcement is expected on the that day.

Reliance is already the largest organized retailer in the country while Justdial is the market leader in local search engine segment with nearly 150 million average quarterly unique visitors across multiple platforms like mobile, apps, website and 8888888888 telephone hotline.

DEAL CONTOURS

 First generation entrepreneur and managing director VSS Mani and family control 35.5% of the company which currently is valued at Rs. 2,787.9 crores. S-ET

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