Energy and telecoms conglomerate Reliance Industries will acquire an 87.6 per cent stake in Shopsense Retail Technologies, also known as Fynd, for Rs 295 crore ($42.33 million), it said in a statement.
The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings has an option to further invest up to Rs 100 crore 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.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
