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Reliance buys majority stake in NowFloats

Dec 13, 2019 by The Passage Team
Reliance buys majority stake in NowFloats

Reliance Industries subsidiary has acquired an 85% stake in Hyderabad-based SaaS solution provider NowFloats for Rs 141.6 crore.

Reliance Strategic Business Ventures Limited, the wholly-owned subsidiary of Reliance Industries, has also proposed a further investment of Rs 75 crore linked to certain undisclosed milestones. This additional investment is expected to be completed by December 2020 and will take the shareholding of NowFloats to 89.66%. This acquisition will enable the group’s digital and new commerce initiatives, the company in a statement.

Source: Economic Times

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