Reliance Industries Limited (RIL) has acquired an 85% stake in NowFloats Technologies Pvt. Ltd. for a cash consideration Rs 141.64 crores. The company said that this investment will further enable the group’s digital and new commerce initiatives. Reliance Strategic Business Ventures Limited (RSBVL) is planning to invest another Rs 75 crore in the acquired entity, according to a notification issued by RIL to the stock exchanges on Thursday. Moreover, RSBVL will hold an 89.6% stake in NowFloats.
“RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones,” RIL said in a filing to the Bombay Stock Exchange.
NowFloats gives SaaS solutions to small and medium enterprises (SMEs) that enable them to get a digital presence. Other solutions include local content discovery platform, online business management suite, website promotion, marketing solutions, and various other offerings for SMEs.
The company said that ‘No governmental or regulatory approvals were required for the investment, the investment does not fall within related party transactions and none of RIL’s promoter or promoter group or group companies have any interest in the transaction.’