Reliance Industries’ (RIL) wholly-owned subsidiary — Reliance Industrial Investments and Holdings (RIIHL) has entered into an agreement for acquisition of equity shares of Grab A Grub Services for a cash consideration not exceeding Rs 106 crore.
RIIHL will further invest an amount of up to Rs 40 crore and is likely to be completed by March 2021. The total investment will translate into around 83% of equity capital in Grab on a fully diluted basis.
Grab is a logistics services platform company, incorporated on October 29, 2014. It provides technology enabled, asset light logistics services for various verticals.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.