Reliance buy to deepen MSME ties

Reliance Industries Ltd (RIL) on Thursday announced that its subsidiary has picked up an 85 per cent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore.

The stake purchase is expected to strengthen the group’s digital and new commerce initiatives among MSMEs.

“Reliance Strategic Business Ventures Ltd (RSBVL), a wholly owned subsidiary of RIL, has acquired the equity shares of NowFloats Technologies for a cash consideration of Rs 141,63,78,822. The said investment represents 85 per cent holding in the equity share capital of NowFloats,” the Mukesh D. Ambani company said in a regulatory filing to the stock exchanges. The RIL stock posted marginal gains to settle at Rs 1,567.50.